Copper scandal agency reigned-in

State Reserves Bureau traders have been banned from buying derivatives after trader Liu Qibing took a dubious short position on copper futures on the London Metals Exchange late last year, driving up prices and potentially exposing China to in excess of US$100 million in losses. The Bureau, which stockpiles commodities on behalf of the government, posted a statement on its website that it would no longer invest in futures, stocks, corporate bonds, all types of investment funds or other financial derivatives.