Copper price falls as China vows to release more metal reserves

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uncledad
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Copper price falls as China vows to release more metal reserves

Unread post by uncledad »

The copper price fell on Thursday after China’s state planner said a briefing that it will closely monitor market conditions and continue to release copper, aluminum and zinc from its state reserves, in an effort to overcome mismatches between supply and demand.

“Currently, copper, aluminum, and zinc prices are still high,” said Li Hui, an official from the National Development and Reform Commission, adding that the authority will guide prices back to reasonable levels.

China has released 420,000 tonnes of the metals in three batches so far this year via public auctions at prices “slightly lower than market” and had helped fabricators, Li said.

Copper for delivery in December fell 2.6% from Wednesday’s settlement price, touching $4.290 per pound ($9,438 per tonne) midday Thursday on the Comex market in New York.

https://go.pardot.com/e/398282/to-relea ... pJTo5Lu_rM
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monsignor
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Re: Copper price falls as China vows to release more metal reserves

Unread post by monsignor »

Scrap metal collectors aren't going to like that.
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monsignor
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Re: Copper price falls as China vows to release more metal reserves

Unread post by monsignor »

All scrap metal prices seem to have skyrocketed the past few months, but I'm not convinced prices are high enough to justify anyone going up-and-down streets picking up metal left by homeowners for four hours a day, or until the bed of their pick-up truck is full.

After which one goes to the scrap yard and gets.....twenty bucks.

I'm all for recycling, but geezuz. These same people would be better off working at McDonald's for the same four hours a day and avoid always having to buy gasoline.
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