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George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’
George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’View Video
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America
Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin AmericaView Video

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Trafigura wins second copper auction in Qingdao sales

Sun, 25th Aug 2019 06:00

BEIJING, Aug 25 (Reuters) -

* Commodity trader Trafigura won 9,331.86 tonnesofrefined copper in an auction of metal dating back to the Qingdaowarehousing scandal, according to a notice from JD.com onSunday.

* Trafigura's China unit won the auction with a bid of370.57million yuan ($52.25 million), the e-commerce platform said.That works out at around 39,710 yuan a tonne, a discount ofalmost 14% to current Shanghai copper prices.

* JD.com is hosting a Qingdao court's sales of the formerinventory of Dezheng Resources, which was accused in 2014 ofduplicating warehouse certificates to pledge metal as collateralfor loans in a scandal that rocked the industry.

* Trafigura won a separate auction on Friday for 1,625.21tonnesof refined copper for 65.325 million yuan and on Aug. 18 won thebidding for more than 30,000 tonnes of aluminium ingots.

* The company did not comment immediately on the biddingresultoutside normal business hours.($1 = 7.0928 Chinese yuan renminbi)(Reporting by Tom DalyEditing by Paul Tait)

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