CWT International Signs Copper Supply Deal With HNA Technology Unit; HNA Shares Jump 10%
CWT International's Swiss subsidiary, MRI Trading, has signed a copper supply agreement with HNA Technology's unit, GTS Shipping, for up to $5 million. The deal involves delivering 200 to 500 metric tons of copper from the Democratic Republic of Congo to Shanghai. Following the announcement, HNA Technology's shares rose nearly 10%, while CWT's shares fell about 4%. CWT expects the agreement to enhance its commodity marketing business and boost gross profit.
CWT International wholly owned Swiss subsidiary MRI Trading has entered into a commodity sales agreement with GTS Shipping, an indirect wholly owned unit of HNA Technology , according to a Thursday Hong Kong bourse filing.
Under the agreement, MRI Trading will supply copper cathodes worth up to $5 million.
Shares of CWT were down about 4% in Friday's recent trade., while HNA Technology Stock jumped nearly 10%.
The deal, signed July 17, covers the delivery of 200 to 500 metric tons of non-LME grade A copper from the Democratic Republic of Congo to be shipped to Shanghai.
CWT said the deal supports its commodity marketing business and will contribute to gross profit growth.
