Citic Resources Says Port Probe May Affect Metal Reserves
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Citic Resources Holdings Ltd., the commodities trader controlled by China’s largest state-owned company, said an investigation may impact on its inventory of metals stored at the nation’s Qingdao Port. The stock fell.
The company owns alumina and copper stored in bonded warehouses at the port, and has obtained sequestration orders for its assets as a “precautionary measure,” Citic Resources said today in a statement to the Hong Kong stock exchange.