Trafigura wins second copper auction in Qingdao sales

BEIJING, Aug 25 (Reuters) -

* Commodity trader Trafigura won 9,331.86 tonnes of refined copper in an auction of metal dating back to the Qingdao warehousing scandal, according to a notice from JD.com on Sunday.

* Trafigura's China unit won the auction with a bid of 370.57 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 tonnes 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 result outside normal business hours. ($1 = 7.0928 Chinese yuan renminbi) (Reporting by Tom Daly Editing by Paul Tait)

2019-08-25 07:00:22

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