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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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