After making a fortune of 10 billion in gold, this futures giant has turned into the largest bull in Shanghai copper, having already earned 200 million USD

At the forefront of the commodity market, some rise and fall, while others quietly climb.

In the spring of 2025, as global investors focus on the record-high gold prices, a mysterious trader from China has quietly withdrawn funds from gold and shifted to the copper market, quickly earning a floating profit of $200 million.

He is Bian Ximing, a trader who once made $1.5 billion (equivalent to 10.8 billion RMB) in the gold market and is known as the "Invisible King of Futures."

Now, all his firepower has been redirected to copper.

The "Lone Ranger" from Plastics to Futures Market

Bian Ximing, 61 years old, is the chairman of several companies, including Zhongcai Group and Zhongcai Futures.

He started his career in the plastic pipe business, accumulating his first pot of gold. Later, he expanded his business into the financial sector, gradually building the commercial landscape of Zhongcai Group.

Zhongcai Group's business covers multiple fields, including chemical building materials, finance, and futures, with Bian Ximing as the actual controller, holding 65.32% of the group's shares.

In the industry, he rarely accepts media interviews and seldom appears at public events, earning him the title of "one of China's most mysterious futures traders." However, his position size and market influence cannot be ignored, and he is referred to by many insiders as the "Lone Ranger of Futures."

A Golden Victory - $1.5 Billion Achievement in Three Years

Looking back from 2022 to 2024, Bian Ximing can be said to have "timed all the rhythms of gold correctly." At the tail end of the Federal Reserve's interest rate hike cycle and amid rising global risk aversion, he was the first to build a position in gold at a low point in mid-2022 and significantly increased his holdings in early 2023.

He did not make a one-time bet but gradually built his position at key technical levels, timing each adjustment perfectly. During the main upward wave from the fourth quarter of 2023 to early 2024, he achieved efficient leverage gains by combining futures main contracts with off-market structured products.

After gold broke through $2,200 in the third quarter of 2024, he began to take profits in bulk and hedged risks by selling options in reverse at high levels.

According to Bloomberg estimates, he netted $1.5 billion in this wave of gold trading, becoming one of the most successful gold trading cases in China's futures market in the past three years.

Although spot gold surged past $3,500 this year, Bian Ximing did not continue to battle like most others; instead, he decisively "adjusted his positions" and shifted to another "undervalued" commodity - copper.

Heavy Investment in Shanghai Copper: Smooth Adjustment Rhythm, $200 Million Floating Profit

According to reports, as of the first quarter of 2025, Bian Ximing has established a long position of up to $1 billion in the main copper futures contract on the Shanghai Futures Exchange through his multi-account system, becoming the largest individual investor in the Shanghai copper market Currently, the long position in copper futures has approached 90,000 tons, almost occupying the top position in the market's open interest.**

He completed his position earlier this year before Trump announced the "reciprocal tariffs," at which time copper prices had just broken through the 75,000 yuan/ton mark. Since then, as global demand expectations for copper have warmed, copper prices have risen to over 85,000 yuan/ton.

What is even more noteworthy is his adjustment rhythm.

In April 2025, when copper prices hit a 10-year high, he significantly reduced his position, leading the market to believe he was "exiting completely." However, just a few days later, he quickly replenished his position, demonstrating a strong belief in the long-term trend of copper and exceptional market control ability.

It is estimated that his paper profit in copper futures has exceeded 200 million USD. This "heavy entry, flexible adjustment, and trend-following" operational style is steady yet sharp, revealing rhythm amidst volatility.

Why Copper? Threefold Logic Supports the "Gold Successor"

Transitioning from gold to copper is not a simple sector rotation but is based on a deep understanding of the global macro landscape and commodity cycles.

Copper is known as the "blood of industry," permeating the supply chains of almost all emerging industries. Since the second half of 2024, the explosive growth of the new energy industry (electric vehicles, photovoltaics, energy storage), coupled with the renewal of traditional power infrastructure, has increasingly revealed a structural shortage of copper. It is predicted that by 2030, the global annual supply-demand gap for copper will reach 8 million tons, providing strong long-term price support.

On the other hand, the supply of several major copper mines globally has frequently faced disruptions. Starting in 2024, political instability in major copper-producing countries in South America, strikes, environmental reviews, and production limits have continuously pressured copper concentrate supply. At the same time, countries like Indonesia have implemented export restrictions on copper concentrates, leading global inventories to a ten-year low.

Moreover, after gold prices reached high levels, some institutions began to realize profits and started looking for the "next track." Some believe that copper is on the brink of an explosion characterized by "supply-demand mismatch + capital inflow," with opportunity value comparable to gold two years ago.

Operational Techniques and Investment Philosophy

Bian Ximing also emphasizes the construction of corporate culture, stressing a "reflection" system, and publishes self-reflections annually. He has also proposed the "Zhongcai Personality" and "Zhongcai Way," emphasizing the combination of systems, mechanisms, and human nature.

He believes that investment is essentially a game of survival capability.

Investors drift in the market, where traps and opportunities abound; risks contain opportunities, and opportunities hide traps. The key lies in whether you can avoid risks and traps while seizing opportunities and harvests.

Based on this theory, Bian Ximing's trading method emphasizes "trend-following, large positions, and segmented execution." Specifically, it manifests as:

Building large positions after trend confirmation, avoiding predictive bets: He never tries to catch a falling knife but waits for confirming technical signals (such as key moving average breakthroughs, volume coordination, and changes in position structure) before entering with large positions.

Managing funds across accounts and cycles: His operational accounts are divided into trend main positions, event-driven positions, and arbitrage hedging positions. The main positions can be held for several months, while the arbitrage positions flexibly switch between London copper/Shanghai copper, futures and spot, and cross-period structures “Adding and Reducing Positions” within the Range Instead of Simple Profit Taking and Stop Loss: For example, in April, when copper prices fluctuated sharply, he did not liquidate his positions but instead reduced high-cost positions, retained core positions, and replenished at low levels—dynamically controlling risk through position management.

Core Idea of “Floating Profit Management”: In his trading of gold and copper, he often uses floating profits to hedge against volatility and to add positions rather than rushing to lock in profits.

How Far Can the “Next Gold” Go?

Bian Ximing has already demonstrated with gold; can he create a new trading myth through copper this time?

His current strategy is “using floating profits for defense and trading time for space.” According to reports, industry insiders have revealed that he has currently shifted some funds to the London copper (LME) market to begin global arbitrage.

As of the time of publication, London copper is quoted at $9,517 per ton, rebounding nearly 12% from the low in April. Goldman Sachs believes that copper prices could challenge $10,000 per ton by the end of 2025, and Citibank also predicts that “global copper will enter a super cycle.”

Risk Warning and Disclaimer

The market has risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at one's own risk