Qingdao fallout drags on Chilean cathode shipments to China

Copper cathode shipments from Chile to China dropped sharply in July as a result of tighter credit issuance in the wake of the Qingdao scandal, new data indicates.

Cathode exports dropped to 199,000 tonnes in July, 10% lower month-on-month and down for a fifth consecutive month, according to data from the World Burea of Metal Statistics cited by Macquarie. The July slump showed evidence of the clampdown on lending against commodities in the Chinese market in the wake of Qingdao, as exports to China dropped to 78,700 tonnes, down from a year-to-date peak of 119,500 tonnes in March, Macquarie said in a note on September 4. “The sudden liquidity crunch in June diminished...

Published

Mark Burton

September 05, 2014

09:46 GMT

London