Article

Chinese metals traders are facing losses exceeding 1 billion yuan (approximately US$144 million) after the sudden disappearance of dealer Xu Maohua, who left unpaid debts tied to copper transactions with SDIC Commodities Co. Legal actions are underway, including the seizure of 3,150 tonnes of refined copper and claims from other companies for non-payment. Xu's exit has highlighted problematic circular trading practices, prompting regulatory scrutiny and a review of operations among major commodities firms.