Chinese copper giant Maike seeks help with liquidity issues.
BHP halted the shipment of a 10,000-ton cargo of Chilean copper cathodes that was due for September delivery to Maike in China.
Maike is suffering “temporary difficulties in logistics, transportation and product sales due to Covid flareups in China,” He said by phone. It has delayed payments on some cargoes, and some suppliers have canceled deliveries due to concerns over the company’s liquidity, He said. This instance of financial stress comes after growing caution around commodities financing in the wake of high-profile losses — especially in the nickel market — and huge price volatility fueled by Russia’s invasion of Ukraine. In China, several alleged scandals this year involving missing aluminum and copper ores have further reduced liquidity to the industry.
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