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China prepares to drain metal stocks to curb price spikes

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China prepares to drain metal stocks to curb price spikes

by limited » Thu Jun 17, 2021 4:33 am

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China's National Strategic and Food Reserve Administration (NFSRA) announced today that the NFSRA is preparing to drain industrial metal stocks from its national reserves. to stem the surge in commodity prices
In this regard, NFSRA is pgslot preparing to release metal stocks. This includes copper, aluminum and zinc to companies in the manufacturing sector through auctions. This is the first operation in more than 10 years.


The NFSRA, however, did not release details about the amount of metal that will be released to the market, the auction process. or any manufacturer who will be allowed to enter the auction


Such measures are After metal prices in China have skyrocketed this year. This was driven by liquidity in the world market. and speculative buying including the economic recovery After being affected by the epidemic of COVID-19


The last time China drained its metal stocks to the market to stem the price surge was in November 2010. But that time did not include copper.


The news of the stock drain has depressed most Asian base metal prices in trading this afternoon.
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