I have read, but can't find the article, that the sell down of...

I have read, but can't find the article, that the sell down of the big position taken by the coal investor mentioned in the following article, was the cause of the big fall  in The copper price in June July.

Lets hope the latest trend back up has more substance and gets us well above $2.80 before the hedging runs out.

Management have certainly made a lot of money through hedging in the last few years.


BEIJING/MELBOURNE: A private coal mining industry investor in Shanxi provinceis the main actor behind a dramatic increase in bullish bets in Chinese copper futures, a person familiar with the matter said, driving a futures brokerage to a nearly $3 billion position that has fuelled a surge in prices to 4-1/2-year highs.
The position has been built up over the past year through futures broker Gelin DahuaFutures Co Ltd, the person said, declining to be identified because he was not authorised to talk to media. Gelin Dahua is headquartered in Beijing and owned by securities firm Shanxi Securities Co.
Gelin Dahua holds more than 35 percent of the open interest in copper contracts for the first half of 2018 on Shanghai Futures Exchange (SHFE), exchange data shows, worth $2.8 billion according to Reuters' calculations based on contract data