Recently, 61-year-old Chinese billionaire Bian Ximing, known for his low profile, once again attracted widespread market attention. Previously, he achieved nearly US$1.5 billion in profits from his long gold positions in the global market, and now he is leveraging his firm, Zhongcai Futures, to establish China’s largest net long copper futures position at the Shanghai Futures Exchange.
After gold prices reached their high, some institutions began to realize their profits and started searching for the “next track.” Some market voices believe that copper is on the verge of an explosive phase driven by a “mismatch in supply and demand coupled with capital inflows,” with its opportunity value comparable to that of gold two years ago.
According to market data and industry insiders, Bian Ximing and Zhongcai Futures now cumulatively hold nearly 90,000 metric tons of copper futures, valued at close to US$1 billion. This rare position not only underscores Bian’s consistent contrarian investment style but also highlights his confidence in copper’s critical role in the global energy transition, China’s high-tech industrial upgrade, and the fluctuations in Sino-US trade relations. Insiders reveal that he began shifting from a short to a long copper position before the 2024 US election, anticipating that a Trump victory might trigger economic stimulus effects, thereby pushing copper prices higher. Since the beginning of this year, he has gradually increased his copper stake and already realized approximately US$200 million in trading profits, with his positions now entirely long.
Bian Ximing’s investment approach is both forward-looking and disciplined. As early as January this year, he noted in his blog: When choosing targets, focus on trends; when executing, focus on timing; when holding, strictly control costs. Born in Zhuji, Zhejiang province, Bian interrupted his studies in his early years but later amassed wealth through the plastics tubing business. In 2003, after acquiring a brokerage firm and establishing Zhongcai Futures, he quietly transitioned into commodity trading. With a global perspective and a unique investment philosophy, he has become a striking presence in the market.
Meanwhile, market analysts offer varying views on copper’s fundamentals. Some institutions indicate that, with the rapid decline in London Metal Exchange (LME) inventories, combined with tightening domestic spot supply and widening premiums, the copper market is showing clear signs of strain. Others caution that due to weakening global economic data, volatility in the U.S. debt market, and seasonal factors affecting copper demand, there is a risk of a short-term price correction. This mix of fundamental and sentiment-driven perspectives adds uncertainty to the copper market’s trajectory.
Bian Ximing has leveraged his past successes in the gold market and his vision for the global energy transition and domestic industrial upgrade to aggressively enter the copper market. His rare and significant long position, built on a disciplined and contrarian investment style, has drawn considerable market attention. As global economic and trade conditions continue to evolve, market observers remain keenly focused on his strategic moves in the copper sector.
