On the first day of the launch, industrial customers completed the first copper cathode transaction via QME’s online e-trading system, producing the spot benchmark price of QME copper cathode based on real transactions in Shanghai. QME is also planning to introduce regional copper cathode products in several major copper industry regions in Mainland China in the future. CNN Sans ™ & © 2016 Cable News Network.On 22 November 2019, Qianhai Mercantile Exchange (QME) officially rolled out spot copper, the 5 th spot product following alumina, aluminium billets, aluminium rods, and copper rods. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account It is also a vital metal for energy transition as it is used in wind turbines, solar panels and electric cars. The company accounts for around 30% of Europe’s production of such copper and 3% to 5% of global output.Ĭopper is widely used in construction, including in electrical wires and water pipes. Hamburg police also told CNN earlier this month that it had opened a probe, adding that there was “currently no evidence” that the latest and previous cases at Aurubis were connected.Īurubis produces about 1.1 million tonnes (1.2 million tons) of copper “cathodes,” or square sheets, per year at plants in Europe and the United States. The State Office of Criminal Investigation in Hamburg is still conducting its investigation, the company said. Whether the same criminals are behind these past cases and the theft disclosed in August is the subject of ongoing investigations, the Aurubis spokesperson said Tuesday. “The company has given the Public Prosecutor’s Office and the police its full support for several years,” it added, noting that some of the suspects had been arrested. The company said on June 15 it had identified “past criminal activities” and that the public prosecutor’s office and police in Hamburg, where Aurubis is based, were investigating “active and former Aurubis employees” as well as people employed by other companies working at the Aurubis plant. The losses forced Aurubis to slash its pretax profit forecast for the current fiscal year by about €170 million ($182 million). The inventory had established the scale of thefts the company disclosed on August 31 and in June, an Aurubis spokesperson told CNN. Fraudsters have robbed Europe’s largest copper producer of €185 million ($198 million) worth of the metal, possibly with the help of insiders, the company said Tuesday.Īfter carrying out an extraordinary inventory on August 31, Germany’s Aurubis found that it had paid inflated invoices for shipments of scrap metal and other inputs, based on samples that had been manipulated to show a much higher copper content than turned out to be the case.
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