Industrial Metals Fall as China Finds $10 Billion in Fake Trade
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Industrial metals fell as the discovery of almost $10 billion in fraudulent trade in China raised speculation supplies may increase and imports slow.
Copper slid as much as 0.6 percent and all main metals on the London Metal Exchange declined. China uncovered nationwide fake trade invoicing as part of an investigation begun in April last year, including many irregularities in the port of Qingdao, the country’s currency regulator said today. Metals also fell as the U.S. dollar rose.