China’s Campaign to Control Commodities Goes Into Overdrive (Yahoo Finance/Bloomberg – June 16, 2021)

https://ca.finance.yahoo.com/

(Bloomberg) — China has stepped up its campaign to rein in commodity prices and reduce speculation in a bid to ease the threat to its pandemic rebound from soaring raw material costs.

State-owned enterprises were ordered to control risks and limit their exposure to overseas commodities markets by the State-owned Assets Supervision and Administration Commission, according to people with knowledge of the matter.

The companies have been asked to report their futures positions for Sasac to review, said the people, who asked not to be identified because the information is confidential.

In a second development, the National Food and Strategic Reserves Administration will soon release state stockpiles of metals including copper, aluminum and zinc, the agency said in a statement Wednesday.

The metals will be sold in batches to fabricators and manufacturers, it said, without giving the volumes to be released. Most metals prices in Shanghai fell, as did the Singapore Exchange’s iron ore contract.

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