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The abrupt reversal in China’s stock market has produced one unlikely beneficiary: copper.
中国股市行情的突然逆转产生了一个让人难以置信的受益者：铜。
Though heavily tied to the fortunes of the Chinese economy, copper was the only large industrial commodity that rose yesterday. That may reflect Chinese hedge funds scrambling to buy back bearish bets against the metal, as they faced rising margin calls from the equity market.
虽然与中国经济形势息息相关，但铜是昨日唯一价格上涨的主要工业大宗商品。这可能反映了中国对冲基金面对股市节节上升的追加保证金要求，竞相对看跌这种金属的押注进行平仓。
Many Chinese funds had bet that a slowing economy would weigh on copper while a subsequent loosening of monetary policy would boost equities, leading them to take opposing positions in the two markets.
中国许多基金此前押注经济放缓将拖累铜，而随后趋向宽松的货币政策会提振股市，这导致它们在两个市场购入相互对立的头寸。
As the Chinese equity market has reversed, open interest in copper contracts on the Shanghai Futures Exchange has fallen by more than 13 per cent in the past five days, to the lowest level since February 2014.
随着中国股市行情逆转，上海期货交易所(Shanghai Futures Exchange)的铜合约持仓量在过去五天下跌逾13%，至2014年2月以来最低水平。
Exchange data published yesterday showed one fund, Shanghai Chaos — an investment fund that had previously held the biggest short position in copper on the Shanghai Futures Exchange — had halved its holdings of bearish copper bets from 33,800 contracts.
昨日公布的交易所数据显示，之前在上海期货交易所持有最大铜空头头寸的投资基金——上海混沌投资(Shanghai Chaos)，已将所持看跌铜的合约从3.38万份减少一半。
That shift equals 93,000 tonnes of copper — about as much as the whole production from Barrick Gold’s Zaldivar copper mine in Chile last year. The mine is currently up for sale and could fetch more than $1.5bn.
这相当于9.3万吨铜——与巴里克黄金公司(Barrick Gold)旗下智利萨尔迪瓦(Zaldivar)铜矿去年全部产量大致相当。该矿目前正待价而沽，可能以超过15亿美元的价格转手。
Shanghai Chaos is one of a growing number of Chinese hedge funds that trade commodities, stocks, and bonds across the globe. Such funds were said to be behind a precipitous fall in the price of copper in January, which dropped more than $400 a tonne in one day.
上海混沌投资是越来越多在世界各地进行大宗商品、股票和债券交易的中国对冲基金之一。据悉，这些基金是今年1月铜价急剧下降的背后推手；当时每吨铜价曾单日下跌逾400美元。
The bull market in Chinese stocks, which saw prices double in two years started to turn in June. China’s Shanghai Composite Index fell 3.3 per cent yesterday even as China’s central bank cut interest rates and the amount of cash banks must hold over the weekend. It is now in a bear market having fallen more than 20 per cent from its June 12 peak.
中国股市的牛市行情（两年期间价格翻番）在6月开始转向。上证综指(Shanghai Composite Index)昨日下跌3.3%，即便中国央行在刚刚过去的周末降低了利率和银行存款准备金率。自6月12日触及多年高位以来，中国股市累计已下跌逾20%，进入了熊市。
Since much of the stock trading was done on margin, or with borrowed money, that has created a liquidity squeeze. That could prompt the closing of profitable positions, such as bets against the copper price.
由于相当大一部分股票买卖属于融资交易（即用借来的钱炒股），股市下挫制造了流动性紧张。这可能引发投资者对获利的头寸（比如看跌铜价的押注）进行平仓。
“If you’ve got margin call, it would make sense to cash in your profitable positions,” said Leon Westgate, an analyst at ICBC Standard Bank. “It gives you some money on hand to buy time to work out what happens with the equity market.”
“如果你接到了追加保证金的要求，变现获利的头寸将是有道理的，”工银标准银行(ICBC Standard Bank)分析师利昂•韦斯特盖特(Leon Westgate)表示。“它让你手头有一些资金，获得一些时间，想清楚股市怎么了。”
China is the world’s largest consumer of metals, responsible for about 40 per cent of global consumption in copper. The Chinese interest rate cut failed to revive the rest of the base metals complex, with the market viewing the central bank’s decision as a further sign of weakness in the economy.
中国是全球最大的金属消费国，在全球铜消费量中占比约40%。中国的降息未能重振其他基本金属，市场认为央行的决定是经济疲弱的进一步迹象。
Nickel for delivery in three months on the London Metal Exchange was down $590 at $11,845 a tonne, while aluminium was off $8 at $1,699 a tonne and zinc fell $8.50 to $2,018.5. Copper, outperformed, although it slipped $2.50 to $5,790 a tonne, and there are doubts the metal will continue moving higher.
在伦敦金属交易所(London Metal Exchange)，三个月后交割的镍价下跌580美元，至每吨11870美元，铝价下跌18.50美元，至每吨1689美元，锌价下跌12.50美元，至每吨2015美元。铜价上涨35美元，至每吨5790美元，但仍有人对铜价将继续走高表示怀疑。
