HANOI- Industrial metals prices fell on Monday, after regulators in top consumer China warned domestic commodity companies to maintain “normal market orders” following a strong rally.
Three-month copper on the London Metal Exchange was down 0.3 percent at $9,853.50 a ton, aluminum dropped 2.3 percent to $2,315 a ton while zinc declined 1.2 percent to $2,935.50 a ton.
In Shanghai, copper was down 1.4 percent to 71,590 yuan a ton, aluminum hit a one-month low of 18,000 yuan a ton, nickel fell to a four-week low at 122,570 yuan a ton while zinc shed 1.1 percent to 22,135 yuan a ton.
Several authorities in China held a talk on Sunday with major domestic commodity companies and urged them not to drive up prices, the country’s National Development and Reform Commission said in a statement.
Prices for copper, coal, steel, and iron ore, of which China is the world’s biggest user, have surged this year on rising demand as lockdowns to curb the COVID-19 pandemic have eased and government stimulus has boosted consumer spending globally.
The NDRC, China’s top economic planner, along with the industry ministry, the state-owned assets regulator, the State Administration of Market Regulation, and the China Securities Regulatory Commission held the talks on Sunday with major domestic commodity companies and urged them not to drive up prices, according to the statement.
Author
