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China will unleash another 170,000 tonnes of metals from its stockpile on July 29, in line with the country’s efforts to rein in the continued inflation uptick.
Source: Nasdaq
The next tranche of metals to be sold includes 30,000 tonnes of copper; 90,000 tonnes of aluminum, according to the National Food and Strategic Reserves.
The reserve administration said the second sale is in line with China’s efforts to cool the surge of commodity prices, and the reserves are sufficient to stabilize market expectations.
The sale will be made on online platforms under the China Minmetals Corp. and Norinco.
The first sale conducted on July 5 covered 100,000 tonnes — 20,000 tonnes of copper; 50,000 tonnes of aluminum; and 30,000 tonnes of zinc. Over 200 fabricators bid, with transaction prices estimated at 3% to 9% below the prevailing market prices.
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