FOCUS: Financial troubles at China’s Tewoo send Shanghai Cu premiums lower, raise economic concerns – sources

Financial troubles at one of China’s largest copper importers, Tewoo Group, has pushed the metal’s premiums in Shanghai lower this month and revived worries over the health of the country’s economy.

“Tewoo is having credit issues and is liquidating its copper stocks – we heard around 100,000 tonnes,” one Chinese trader told Fastmarkets on Monday April 8. Other sources in China confirmed that Tewoo, which is owned by the local Tianjin government, had been offloading around 100,000 tonnes of refined copper stocked in bonded zones to Shanghai-based trading houses at below-market rates against immediate cash requirements. “They sold the stocks at flat [London Metal...

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Ellie Wang

Perrine Faye

April 10, 2019

03:59 GMT

Santiago, Shanghai