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Jai Hamid

China metals traders face over $144 million in losses after counterparty Xu Maohua disappears

On February 2 2026, metals traders across China were reported to be facing losses of at least 1 billion yuan, or $144 million, after key counterparty Xu Maohua disappeared and left a chain of contracts unsettled. SDIC Commodities Co. has become a central party in the dispute, with lawsuits exceeding 400 million yuan and a Tianjin court freezing 3,150 tons of refined copper as legal battles unfold. Regulators have tightened scrutiny of circular trading and side businesses, while past metals scandals and a sharp move in silver prices have renewed concerns about risk in the broader commodities market.
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