UPDATE 1-China to release 170,000 tonnes of metals from state reserves on July 29

(Adds details, background)

BEIJING, July 21 (Reuters) – China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminium and 50,000 tonnes of zinc from its state reserves on July 29, the National Food and Strategic Reserves Administration said on Wednesday.

The auction marked the second sale by the world’s top metals consumer this month as Beijing aims to rein in skyrocketing commodity prices.

“The national reserves are sufficient, (we are) confident and capable to stabilise expectations and cool the market,” state media Xinhua cited an official from the reserve’s administration as saying.

China had sold 20,000 tonnes of copper, 50,000 tonnes of aluminium and 30,000 tonnes of zinc reserves on July 5. More than 200 nonferrous fabricators attended the bidding, with transaction prices 3-9% lower than market prices that day.

The second batch of reserves sales will again take place on online platforms operated by China Minmetals Corp and Norinco, the administration said in notices on its website.

Source: Read Full Article