Jason Burack: China Selling Base Metals To Get Metals Prices Lower For First Time In Over A Decade!

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Wall St. For Main St., Released on 7/7/21

China to sell more metals from reserves to ensure stable prices www.miningweekly.com/article/…

China, the world’s top commodities consumer, pledged to release more base metals from its state reserves after completing a first batch of sales in its latest effort to rein in surging raw material costs. More sales will be arranged in the near term to ensure market stability, the National Food and Strategic Reserves Administration said in a statement on its website Wednesday. The first release of metals in over a decade included 20 000 t of copper, 30 000 t of zinc and 50 000 t of aluminum and was concluded via a public auction conducted on Monday. The reserves agency didn’t reveal the prices at which the metals were sold. Shanghai Metal Exchange Market reported on Monday some of the highest bids accepted, citing information from buyers. They included 67 718 yuan ($10 474) a ton for copper, 18 074 yuan a ton for aluminum and 21 200 yuan a ton for zinc, all of which were below spot market prices.

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Jason Burack is an investor, entrepreneur, financial historian, Austrian School economist, and contrarian. Jason co-founded the startup financial education company Wall St for Main St, LLC, to try to help the people of Main Street by teaching them the knowledge, skills, research methods, and investing expertise of Wall Street. You can also find Jason’s work at his blog website at www.jasonburack.com.

 

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