Qingdao is a port city in China famous for its Tsingtao brewery, but the name continues to cast a long shadow over the global metals market. Here’s why. What has happened?
After reports emerged last May alleging a fraud in the city’s warehouses, some of the world’s largest banks have been scrambling to assess the damage. That spurred a flurry of lawsuits, with a judgment due in the first case between Mercuria, a commodities trader based in Switzerland, and Citigroup, this month. Citi argues it is owed more than $270m...............................................Full Article: Source
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