Copper price lowest since November 2020 on economic slowdown worries
Prices extended decline as aggressive interest rates, a spike in covid-19 cases in China, potential recession, and rising inventories weighed on investor sentiment.
China will release more metal reserves to ease supply shortage – state planner
Beijing, China. Credit: Wikimedia Commons
China will closely monitor market conditions and continue to release copper, aluminum and zinc from its state reserves, in an effort to overcome mismatches between supply and demand, the state planner told a briefing on Thursday.
“Currently, copper, aluminum, and zinc prices are still high,” said Li Hui, an official from the National Development and Reform Commission, adding that the authority will guide prices back to reasonable levels.
The world’s top metals consumer had released 420,000 tonnes of the metals in three batches so far this year via public auctions at prices “slightly lower than market” and had helped fabricators, Li said.
(By Min Zhang and Dominique Patton; Editing by Muralikumar Anantharaman)
Mining.com Recommends
Russia’s Potanin weighs big metals merger as defence against sanctions
Nornickel-Rusal merger would create national champion and would also help to resist sanctions, Potanin said.
Chile delivers final constitution draft as skepticism runs high
The charter incorporates new considerations into central bank policy making and protects glaciers from mining.
Metals melt down as recession fears overwhelm supply woes
Industrial metals have gone from boom to bust in the space of only three months, writes Andy Home.
Comments