Copper Worth Nearly Half a Billion Dollars Goes Missing in China
- Onshore depot in Hebei has 200,000 tons less than it should
- Risky financing in China exposed by volatility, economy woes
Photographer: Carla Gottgens/Bloomberg
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A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.
Traders from more than a dozen mostly state-owned firms gathered in Qinhuangdao city this week after becoming aware of the missing material following concerns into the borrower’s finances, said the people, who asked not to be identified as they aren’t authorized to speak publicly.