Bloomberg (gated) have the report on a China state-owned commodities trader losses after a shipment of copper from Russia worth nearly $20 million went missing. Bloomberg citing unnamed sources.
This is, naturally, raising questions over fraud.
Main points:
- Wuchan Zhongda Group Co., a huge Chinese trader (sales of 580 bn yuan in 2023), bought 2,000 tons of refined copper from a Russian smelter
- should have been delivered in May
- Instead, the metal was listed as much cheaper granite and has likely ended up in Turkey, according to the records of the shipping line that handled the consignment, the people said
