China to release metals from reserves to maintain price stability

China has announced plans to release a total of 150,000 tons of copper, aluminum and zinc from the national reserves to ensure stable prices and supplies of key commodities, according to the state reserves authority.

The National Food and Strategic Reserves Administration said the country will release 30,000 tons of copper, 70,000 tons of aluminum and 50,000 tons of zinc from its reserves, marking the fourth batch of releases to the market this year.

According to the NFSRA, the release will help ease the pressure on raw material costs for processing and manufacturing enterprises and boost market supply.

The administration said it will closely monitor changes in the market and continue to use national reserves to relieve the contradiction between supply and demand of metals.

Since June this year, China has released three batches of copper, aluminum and zinc totaling 420,000 tons to help boost market supply, ease pressure on raw material costs for enterprises and cushion impacts from COVID-19 and floods in some parts of China.