Trafigura to Exit Metals Warehousing in China, LME Storage
- Impala unit will scrap joint venture with CITIC Securities
- Cites `slowing market conditions' as reason for decision
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Trafigura Beheer BV, the world’s second-largest metals trader, will exit its metals warehousing business in China and leave the London Metal Exchange’s network of storage facilities as commodity prices tumble.
Impala Terminals, the company’s logistics subsidiary, is also scrapping a joint venture with a unit of Citic Securities, Trafigura said in an e-mailed statement on Tuesday. The company will focus on handling bulk commodities and port operations. “Slowing market conditions” prompted a review of the Impala business, it said.