Beijing confirmed the release of state reserves for the first time in a decade to cool metals markets, but copper prices rose more than 1% on the news.
Notice came as Beijing struggles to cool a surge in metal prices this year fuelled by a post-pandemic economic recovery, ample global liquidity and speculative buying that has dented manufacturers’ margins.
“We as Europeans want to diversify our imports away from producers like China because we want more sustainability, less environmental damage and we want transparency on raw materials.”