Copper stocks frozen in Shanghai amid payment dispute

A 550-tonne cargo of copper cathode has been frozen at warehouses in Shanghai operated by storage company Yuqiang Minhang after a payment dispute arose between two Chinese trading firms last week, Metal Bulletin has learned.

The dispute over the 20 million yuan ($2.95 million) cargo involves the trading arm of state-owned copper producer Baiyin Nonferrous and a subsidiary of Fujian-based Xiamen Xiangyu, a state-owned conglomerate involved in real estate development and financial services, as well as commodity trading. Xiamen Xiangyu, which bought the cargo from Baiyin, attempted to take delivery of the metal last week, but Baiyin employees arrived at the site shortly afterwards...

Published

Fastmarkets MB staff

October 25, 2016

10:47 GMT

Shanghai and London