China's Wuchan Zhongda probes $15 mln loss from copper trading

Chinese state-backed commodities trader Wuchan Zhongda Group 600704 is looking into copper trading activities at a subsidiary that led to a loss of about $15 million, the firm said on Friday.

The move follows a Thursday report by Bloomberg that the trader, headquartered in China's eastern province of Zhejiang, faced a loss of about $20 million after 2,000 metric tons of refined copper bought from Russia went missing.

"The losses amounted to around 110 million yuan, accounting for a small share of net profit, and it will not have a big impact on subsequent operations," Wuchan Zhongda told the Shanghai Stock Exchange in a statement.

The figure is equivalent to $15 million.

($1=7.2549 Chinese yuan renminbi)