14亿元的血色锌河：1997年株冶锌期货逼仓事件全纪实

Core Viewpoint - The article discusses the catastrophic trading practices of Zhuzhou Smelter, a major Chinese zinc producer, which led to significant financial losses due to excessive speculation in the London Metal Exchange (LME) futures market, highlighting the vulnerabilities of Chinese enterprises in international trading environments [1][23]. Group 1: Company Background - Zhuzhou Smelter, established in 1956, was a significant player in China's non-ferrous metal industry, ranking 132nd among China's top 500 state-owned enterprises with annual profits exceeding 100 million yuan [2]. - It was one of the three Chinese companies listed on the LME and among the top five global lead and zinc smelting manufacturers, holding a crucial position in the industry [2]. Group 2: Market Context - The zinc market experienced turmoil in the mid-1990s, transitioning from a bull market in the late 1980s to a prolonged bear market, with LME zinc prices dropping from approximately $1,700 per ton to $1,000 per ton by early 1992 [3][4]. - By the mid-1990s, China shifted from being a pure importer to a pure exporter of zinc, complicating market dynamics further [5]. Group 3: Trading Practices and Failures - Zhuzhou Smelter's management made critical errors in its trading operations, including a lack of checks and balances, as the general manager of the import-export company was also involved in trading activities [7]. - The company initially engaged in hedging to mitigate risks but deviated from this strategy, leading to speculative trading that far exceeded its production capacity [8][11]. - By March 1997, the company sold over 400,000 tons of futures contracts, amounting to 1.5 times its annual production, which was a clear indication of excessive risk-taking [12][13]. Group 4: Market Manipulation and Consequences - International capital, particularly a Swiss trading firm, capitalized on Zhuzhou's large short position, leading to a confrontation between the long and short positions in the market [14][16]. - The zinc prices surged dramatically, increasing by over 50% within six to seven months, forcing Zhuzhou to buy back contracts at a significant loss, culminating in a total loss of approximately $175.8 million [19][21]. Group 5: Lessons and Industry Implications - The "Zhuzhou incident" serves as a cautionary tale for Chinese enterprises in international futures markets, exposing internal risk control failures and the need for better understanding of hedging principles [23][24]. - The event prompted discussions on improving risk management frameworks, establishing dedicated futures investment funds, and enhancing the operational capabilities of Chinese firms in global markets [25][26].