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    Home » China Second Batch Sales in July to Unleash 170,000 Tonnes of Metal Reserves
    Indices News Updated:August 16, 2021

    China Second Batch Sales in July to Unleash 170,000 Tonnes of Metal Reserves

    July 21, 20211 Min Read
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    China will sell an additional 30,000 tonnes of copper, 50,000 tonnes of zinc, and 90,000 tonnes of aluminum from its reserves on July 29.

    • The auction marked the second sale by globe’s top metals consumer this month as Beijing aims to control the rising commodity prices.
    • An official from China’s reserve’s administration stated that the national reserves are adequate, confident and capable of stabilizing expectations and cooling down the market.
    • On July 5, China sold 20,000 tonnes of copper, 30,000 tonnes of zinc, and 50,000 tonnes of aluminum reserves. Over 200 non-ferrous fabricators took part in the bidding process, with 3-9% transaction prices lower than the market prices.

    The second sale of the reserves will take place on online platforms managed by China Minmetals Corp and Norinco. 

    CSI 300 Index gains +0.69%, CNY USD up +0.23% 

    Source: Nasdaq.

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