Chinese Crime, Metal Prices Fall Sharply! - - Financial Market Media No. 1 in the World Chinese Crime, Metal Prices Fall Sharply! Chinese Crime, Metal Prices Fall Sharply!

May 25, 2021

Chinese Crime, Metal Prices Fall Sharply!

 The global prices of the metal industry fell sharply after Chinese authorities warned commodity companies in the country about the issue of price hikes.

The China National Development and Reform Commission (NDRC) urged such companies to ensure the market remains normal.

The move comes after metal prices soared in recent months as major economies began to recover from the Covid-19 crisis.

On the London Metal Exchange, copper was down 1.6% at $ 9,881 per tonne, while aluminum was down 1.09% to $ 2,370 per tonne.

The decline also limited the movement of commodity -related currencies, the Aussie dollar, the kiwi and Canada at the start of trading earlier in the week.

According to a local media report by The Global Times, major steel, iron and aluminum companies are among those mentioned by the authorities.

The Global Times also quoted an NDRC statement as saying that the meeting was held because of the continuous and drastic increase in commodity prices.

Earlier last week, China had announced that it would step up measures on commodity supply, saying it would curb unreasonable price increases.

Global prices for most of the raw materials needed for industries such as copper, coal, steel and iron ore, have risen sharply this year amid economic recovery from the pandemic outbreak.