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That is far from the 1st time that collateral, is either missing or fake in China….If I remember correctly Copper was involved with Standard Bank, a while back, it cost Standard millions.
Many, many years back, I was told by a Minor Metals trader, that the Chinese were far and away the least trustworthy people, u could trade with and that was amongst some very stiff competition. They were very big in Mercury and if u had a fwd deal with them and the price moved in their favour, they would just not deliver and that was State Co’s !!!!!
Seems nothing much changes, u just can’t trust ’em unless it is all nailed down.