...reminds me of an old girlfriend.........
Seriously.....that's a Southco M1 latch, and the mating angled metal L bracket that it engages with is clearly too high based on your picture.....it looks like the cabinet is a bit hammered. These latches are available for different material thicknesses (different dash numbers). The M1 latch should secure that if the mating part is located per the drawing.
This style latch is available in a compression style (see link below) which may solve your issue.
https://www.biscoind.com/southco%20m...co%20M1&map=ft
You can usually find these on Ebay much cheaper than what Bisco sells them for, but you may need to search for awhile.
The keeper looks like this:
https://southco.com/en_us_int/m1-519-4
Here is the Southco webpage.....loads of variants.....plastic/metal.....locking/non-locking etc.
https://southco.com/en_us_int/M1
Look at the trade drawings for the proper distance between the latch and the keeper.
https://files.southco.com/static/JDrawing/J-M1-61.pdf