Dealer cuts business relationship after copper scandal

Bearings with copper cathodes in China

Zurich The scandal had caused a worldwide sensation: Copper worth 500 million dollars had disappeared from a Chinese metal dealer. As the “Financial Times” reports, the Swiss raw materials group Glencore has now taken action: The company will no longer supply metal to its Chinese business partner. In addition, Glencore wants to liquidate metal warehouses in the Chinese port city of Qinhuangdao and look for alternatives. The company declined to comment on the report.

The case is spectacular: At the beginning of August it became known that 200,000 tons of copper had gone missing from a Chinese metal trader. The case came to light after several business partners became suspicious and investigated. The trader had imported copper concentrate and resold it to Chinese industrial customers.

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