The Threlkeld theory? The funds fiddled and China got burned

Nov 18, 2005 | 04:50 AM |

The pattern in the China copper trading affair is not new, according to David Threlkeld, who draws parallels not with former Sumitomo Corp. trader Yasuo Hamanaka but with Juan Pablo Davila.

The Corporacion National del Cobre de Chile (Codelco) trader racked up losses of $186 million when he got himself into a large, unauthorized short position that Codelco eventually covered.

Threlkeld, president of base metals merchant Resolved Inc. in Scottsdale, Ariz., said the pattern in the case of errant Chinese copper trader Liu Qibing is strikingly similar five or six parties with long positions in copper squeezing an unauthorized short they might, in fact, have orchestrated.....

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