LME WEEK: Chinese buyers breach cobalt intermediate contracts, have difficulty opening LCs

Some Chinese cobalt companies have breached the terms of their intermediate contracts as they experience difficulties in obtaining letters of credit (LCs), well-placed sources said during LME week.

An LC is a document from a bank guaranteeing that a seller will receive payment in full provided certain delivery conditions have been met. In the event that the buyer...

Published

Linda Lin

Fleur Ritzema

October 16, 2015

13:20 GMT

London