NEWSBREAK - Gunvor in talks to sell remainder of copper book - sources

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Archie Hunterarchie.hunter@fastmarkets.comDeputy Head of Physicals+44 (0) 20 7337 2143

London 09/06/2016 - Commodities house Gunvor is in the process of selling the remainder of its copper trading book to an unnamed buyer, FastMarkets understands, moving closer to an exit from base metals trading.

Talks to sell the Swiss trading house's book are at an advanced stage, sources told FastMarkets.

Gunvor, which is primarily focussed on the oil and energy markets, said on February 1 this year that it would be scaling back its metals business after attempts at expansion in 2014.

Gunvor's main copper trader, René Van der Kam, subsequently left the company and recently started up his own base metals trading house in Singapore, called Viant.

Gunvor has been winding down its copper book since der Kam's departure, FastMarkets understands.

Gunvor was established in Estonia in 2000 by investors Gennady Timchenko and Torbjörn Törnqvist. It is now owned 72 percent by Törnqvist, with the remaining 28 percent belonging to its employees.  

Primarily an oil and petroleum products trader, Gunvor was one of several energy trading companies that has moved into base metals, alongside Mercuria. It opened an office in Shanghai in May 2014, planning to trade base metals in China.


(Editing by Mark Shaw)



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