Trafigura Said In Talks to Buy Part of Cliveden’s Trading Books

Trafigura Group is in talks to buy a part of Cliveden Trading AG’s trading books after the Swiss metals merchant made wrong-way bets on copper, according to people familiar with the matter.

The sale to Trafigura, the world’s second-biggest metals trader, could include deals in lead, zinc and copper concentrates, said the people, who asked not to be identified because the information is private. The move comes after Cliveden, founded by former Trafigura copper trader Mark Forsyth, faced financial difficulties after bad bets on copper prices.

Cliveden’s difficulties potentially make the trader the first victim of a boom ...