China Selling Lots of Base Metals For First Time In Over A Decade To Get Prices Lower

China, the world’s top commodities consumer, pledged to release more base metals from its state reserves after completing a first batch of sales in its latest effort to…

by Jason Burack of Wall St For Main St

China, the world’s top commodities consumer, pledged to release more base metals from its state reserves after completing a first batch of sales in its latest effort to rein in surging raw material costs.

More sales will be arranged in the near term to ensure market stability, the National Food and Strategic Reserves Administration said in a statement on its website Wednesday.

The first release of metals in over a decade included 20 000 t of copper, 30 000 t of zinc and 50 000 t of aluminum and was concluded via a public auction conducted on Monday. The reserves agency didn’t reveal the prices at which the metals were sold.

FULL SHOW NOTES AND LINKS HERE

Commit to tipping us monthly for our hard work creating high level, thought provoking content that includes interviews with top experts, analysis and short videos about investing and the economy http://www.patreon.com/wallstformainst​ or Patreon dot com slash wallstformainst (since YouTube blocks the URLs and makes them appear broken)