The State Bureau of Grain and Material Reserves released the second batch of the national reserves of copper 30,000mt, aluminum 90,000mt, and zinc 50,000mt totaling 170,000mt on July 30. The move follows the Chinese State Council’s executive meeting, highlighting the need for supply and price stabilization of bulk commodities earlier this month.
China had announced its resolve to arrest the uptrend in metal prices through a continued auction of state reserves in batches.
In the future, the State Bureau of Grain and Material Reserves will carry out follow-up releases based on market supply and demand and price trends. This step is to alleviate the pressure on the cost of raw materials for enterprises.
The auction for zinc was extended due to technical issue during the auctioning process, reported local media.