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China releases third batch of metals from reserves to keep prices stable

By Ouyang Shijia | China Daily | Updated: 2021-08-27 20:41
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An employee works at a copper processing plant in Dongyang, Zhejiang province. [Photo by BAO KANGXUAN/FOR CHINA DAILY]

China on Friday announced plans to release a third batch of copper, aluminum and zinc from the national reserves this year, according to the state reserves authority.

The National Food and Strategic Reserves Administration said the country will release 30,000 tons of copper, 70,000 tons of aluminum and 50,000 tons of zinc from its reserves.

In July, the National Development and Reform Commission and the NFSRA completed the release of the first and second batches, publicly auctioning a total of 270,000 tons of copper, aluminum and zinc.

Experts said the government's continued efforts to release national reserves is sending a clear signal to ensure stable prices and supplies of bulk commodities.

They also said the government's recent moves to ease rising commodity prices and crack down on illegal activities such as hoarding and speculation in commodities will help stabilize the market.

Wu Chaoming, chief economist at Chasing Securities, said the government has demonstrated its firm resolve to ensure the "six priorities" and bring stability in the "six areas" for steady economic momentum.

Zhou Maohua, an analyst at China Everbright, estimated most bulk commodity prices will stabilize gradually, due to the steady recovery of the economy and the tightening monetary environment. However, he said prices will still remain high for a certain period of time, considering the COVID-19 pandemic and the bumpy road for world economic recovery.

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