Luoyang Molybdenum Industry (03993) is now down more than 7%. As of press release, it is down 6.96% to HK$7.62, with a turnover of HK$447 million.
The Zhitong Finance App learned that Luoyang Molybdenum Industry (03993) is now down more than 7%. As of press release, it is down 6.96% to HK$7.62, with a turnover of HK$447 million.
According to the news, the New York copper market is straining. According to some sources, Exxon (IXM), a trading company under the Luoyang Molybdenum Industry, holds a large number of short positions in New York copper, or has suffered heavy losses. There are also media reports that Swiss commodity trader IXM (Excelson), a subsidiary of the Luoyang Molybdenum Industry, is buying physical copper to counter large short positions on the Chicago Mercantile Exchange in the US.
Luoyang Molybdenum Industry issued an urgent clarification notice stating that the company paid attention to media reports about its trading company IXM, and IXM hedged 100% of the metal trade to reduce the price risk in its commercial activities. IXM does not engage in pure speculative transactions. IXM's trading is a cross-market, cross-term, cross-product hedging and arbitrage trading strategy, and the risk is completely manageable.