China to Sell 150,000 Tons of Metals From Reserves on Sept. 1
China said it would release its third batch of metals from state reserves on Sept. 1 as part of its ongoing campaign to control prices and prevent commodities inflation from hurting growth.
The National Food and Strategic Reserves Administration said Friday it will sell 70,000 tons of aluminum, 50,000 tons of zinc, and 30,000 tons of copper, quantities in line with the two earlier auctions that took place in July.
China skipped selling metals in August because of a spike in coronavirus cases, according to a Shanghai Metal Exchange report. The reserves bureau has so far released a total of 270,000 tons of the three metals as part of Beijing’s wider pledge to rein in markets after this year’s commodities rally stoked concerns over factory inflation.
Metals hit multiyear highs in May, and the government has been aided in its bid to stabilize prices since by a slowing economy as well as the prospect of a withdrawal in stimulus by the U.S. Federal Reserve.