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%