-- Executives at one of China’s largest copper trading houses have lost contact with the company’s founder and believe that he has been detained by police for questioning, according to people familiar with the matter.Stocks Shrug Off Losses After Fedspeak; Oil Climbs: Markets Wrap
Maike until recently was responsible for a quarter of China’s copper imports — making He one of the sector’s most powerful players — and its downfall has sent tremors across the industry. His deep connections through the real economy helped him make bold and successful bets on the future of the copper market, and he was a pioneer of China’s cash-for-copper trade, borrowing against the massive volumes of metal he was shipping and storing in warehouses.
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