青岛港骗贷-中英文.docx

Still no copper shock wave from Qingdao scandal-Andy Home 引用自路透社 (Reuters) - It’s been three weeks since the first reports of something amiss at the Chinese port of Qingdao started hitting the headlines. Missing, in fact, was some of the metal pledged as collateral by a local trading outfit called Decheng Mining, which was itself collateral damage in an investigation into potential corruption, or “serious discipline violations” as the Chinese authorities call it, by Mao Xiaobing, party secretary of the Silk Road city of Xining. At the heart of the fake collateral scandal appears to be around 100,000 tonnes ofaluminum, 200,000 tonnes of alumina and 20,000 tonnes of copper. Yet despite the relatively small tonnage involved, it has been the copper market that has been most shaken by the unfolding investigation at Qingdao. On the London Metal Exchange (LME) the nearby spread structure collapsed as the first reports started hitting the news wires. The benchmark cash-to-three-months period imploded from $101 per tonne backwardation at the end of May to $3 backwardation on June 6. Outright prices followed suit, three-month metal falling from $6,970 to $6,640 over the same week. The market’s reaction was understandable. Although the impacted tonnages were higher foraluminum, collateral financing in this particular market is the exception rather than 路透伦敦- 自青岛港口融资事件见诸报端，时间已过去三周。 一家当地贸易机构--德诚矿业用作质押的部分金属不见踪影。该公司本身就卷入了中国中央纪委对西宁市委书记毛小兵“严重违纪”的反腐调查。 这桩质押造假丑闻涉及到大约 10 万吨铝、20 万吨氧化铝和2 万吨铜。 尽管涉案铜数量相对较小，但随着青岛港口相关调查的推进，铜市场受到的冲击最大。 第一批相关新闻爆出之后，导致伦敦金属交易所(LME)近期价差结构崩盘。指标现货-三个月期铜CMCU0-3 升水从 5 月底每吨 101 美元跌至 6 月 6 日的 3 美元。三个月期铜 CMCU3 当周也从 6,970 美元下滑至 6,640 美元。 市场反应可以理解。尽管涉案金属中的铝更多，但铝市场中担保融资更加例外而非常规，尤其中国还基 the norm, not least because China is largely self-sufficient in the light metal. Copper, however, is an altogether different story. Everyone in the market knows that there are hundreds of thousands of tonnes of copper sitting in China’s bonded warehouse zone, some of it in transit to Chinese