Sources expect the Chinese government to sell its copper inventory at a slight discount to end consumers to combat the recent price spike in base metals, sources told Fastmarkets.
As a country that is usually highly secretive about its buying and selling intentions China made a high-profile announcement to sell its copper, aluminium and zinc reserves in batches to participants in the downstream sector, its National Food & Strategic Reserves Administration said on Wednesday June 16.The high copper price has already led to sharp hikes in production costs of pillar industries. Two months ago, Premier Li Keqiang voiced his concerns over the impact of sharp commodity price...