套保套出13亿亏空
2008年，江西铜业由盈利0.73亿元沦为13.6亿元巨额亏损，原因是其在投资收益方面的损失，而其初衷却让人十分诧异——套期保值，而非投机获利。
江西铜业在经营上一直采用稳健的策略，利用衍生品对其铜原料进行套期保值。然而2008年由于铜价直线下跌，江西铜业在其购买的铜期货上栽了跟头，出现了巨额亏损。但是公司高层并不后悔他们的决定，因为只要公司的现货合同得到100%的履约，在金融衍生品上的亏损是完全可以得到对冲的。
江西铜业的执行董事长兼副总经理王赤卫有一句话非常经典，那便是，关于外购原材料的保值，我们还会坚持做下去。我们购买金融衍生品不是为了投机，相反，在市场价格极其波动的条件下，不买才是投机。
这个故事很简单，却十分明确地昭示出金融衍生品的特点——它是对未来的判断，无论目的如何。
本文来源： 大田环球贵金属
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