Trafigura wins second copper auction in Qingdao sales
BEIJING, Aug 25 (Reuters) -
* Commodity trader Trafigura won 9,331.86 tonnes
refined copper in an auction of metal dating back to the Qingdao
warehousing scandal, according to a notice from JD.com on
* Trafigura's China unit won the auction with a bid of
million yuan ($52.25 million), the e-commerce platform said.
That works out at around 39,710 yuan a tonne, a discount of
almost 14% to current Shanghai copper prices.
* JD.com is hosting a Qingdao court's sales of the former
inventory of Dezheng Resources, which was accused in 2014 of
duplicating warehouse certificates to pledge metal as collateral
for loans in a scandal that rocked the industry.
* Trafigura won a separate auction on Friday for 1,625.21
of refined copper for 65.325 million yuan and on Aug. 18 won the
bidding for more than 30,000 tonnes of aluminium ingots.
* The company did not comment immediately on the bidding
outside normal business hours.
($1 = 7.0928 Chinese yuan renminbi)
(Reporting by Tom Daly
Editing by Paul Tait)
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