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China to Release Metal Reserves in Effort to Tame Commodities Rally

China’s state stockpiling body said it plans to boost supplies of copper, aluminum and zinc in batches

6/16/2021 9:45:00 AM

China’s state stockpiling body said it plans to boost supplies of copper, aluminum and zinc in batches

China plans to release national reserves of major industrial metals in an effort to rein in surging commodities prices fueled by a resumption of global economic activity.

Speculation that Chinese authorities would make such a move hadpushed copper prices to an eight-week lowon Tuesday, and investors worry Beijing may soon launch a broader push to temper rising prices.The reserves will be released to nonferrous-metal processing and manufacturing companies via a public bidding process, the government agency said.

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Beijing’s move came after Chinese officials in recent weeks repeatedly said industrial metals’ red-hot rally this year has gone too far. The State Council, China’s cabinet, last month said it would take steps to ensure adequate supply and stable prices for commodities, and regulators had previously warned industry representatives to take a zero-tolerance approach to market manipulation or hoarding of metals.

The benchmark three-month copper forward contract on the London Metal Exchange reversed earlier gains following China’s announcement, falling 0.15% to $9,555 a metric ton on Wednesday after declining about 4% on Tuesday. Read more: The Wall Street Journal »

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