GLOBAL COPPER WRAP: Spot buying low in China, state releases more stock

Chinese spot trading interest in copper cathode was minimal in the week to July 7 after the state held its first ever public auction of nonferrous metals.

Since July 5, China sold 100,000 tonnes of non-ferrous metals at discounts via a public tender only open to fabricators, as part of the state's ambition to rein in the rally in commodity prices and rising procurement pressure.
The Chinese government will sell more reserves of copper, zinc and aluminium soon to further "stabilize the markets," it said on Wednesday July 7.
The quantities it plans to sell and the date of the next sale were not disclosed in the statement, which was published on the website of the National Food & Strategy Reserves Administration and later removed.

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