The GraveYard Shift

[JD400]

China pledges to release metal reserves to tackle price and shortage fears
Submitted by admin on Wed, 2021-06-16 10:42 Section: Daily Dispatches

By Thomas Hale, Neil Hume, and Henry Sanderson
Financial Times, London
Wednesday, June 16, 2021

Industrial metals are in the spotlight after Chinese authorities made a pledge to release government reserves to tackle concerns over shortages and high prices.

The National Food and Strategic Reserves Administration said in a statement today that it would release batches of metals, including copper, aluminium and, zinc, making them available to manufacturers

The move comes after government concerns over a commodity price rally, which has pushed factory gate prices up to their highest since the 2008 financial crisis and threatened to squeeze industry profits.

It marks the latest effort by Chinese policymakers to damp down commodity prices. Last month China's economic planning agency warned of "excessive speculation" and vowed to tackle the spread of false information and hoarding. ...

... For the remainder of the report:

https://www.ft.com/content/cf601bb0-4c24-4cd6-acc7-cd4eb263d574