Thursday, July 29, 2021

"China extends zinc reserves sales, copper and aluminium auctions complete"

 From Reuters via Nasdaq, July 29, 7:40AM EDT:

China will extend the bidding hours for zinc reserves sales that were affected by an earlier system breakdown, a customer service representative of the online auction platform said.

The world's top metals consumer released a total of 170,000 tonnes of non-ferrous metals from state reserves to fabricators on Thursday, the second reserves sales within a month.

However, the online bidding platform for 30,000 tonnes of copper and 50,000 tonnes of zinc, operated by China Minmetals Corp, had a temporary breakdown after auctions started at 9 a.m. Beijing time (0100 GMT), a customer service representative of the platform told Reuters.

The reason for the breakdown was unclear.

The copper auctions affected by the system crash were reopened at 3 p.m. (0700 GMT) and were completed "pretty fast", said the representative.....

....MUCH MORE   

The last three months of price action via FinViz:

4.5210 up 0.0390 last

For more on the difficulty China faces in manipulating prices see July 12's:  
We are not yet buyers.