Beijing Sets July 29 as the Date for the Next Sale of Metal Stockpiles to Tame Prices

Source: Nasdaq

China is set to sell an additional 170,000 metal stockpiles of copper, aluminum, and zinc from its state reserves on July 29.

USDCNY is down -0.19%, CSI 300 is up +0.69%. 

The metal sales will comprise 30,000 tonnes of copper, 90,000 tonnes of aluminum, and 50,000 tonnes of zinc.

The auction happens for the second time as Beijing aims to curtain the rising commodity prices.

Beijing is confident its national metal reserves are sufficient to stabilize expectations and achieve market goals.

The second batch of metal sales will occur on China’s online platforms run by Minmetals Corp. and Norinco. 

In the first round of metal sales on July 5, Beijing released 20,000 tonnes of copper, 50,000 tonnes of aluminum, and 30,000 tonnes of zinc, with prices 3-9% below the market.