China to release more metals in the market to ease commodity prices

China will continue to release national reserves of copper, aluminum and zinc in a move to boost market supply and ease the rising commodity prices, the country's top economic regulator said on Thursday. 

Li Hui, deputy director of the Department of National Economy of the National Development and Reform Commission, said the commission will closely monitor changes in the market and release more national reserves to relieve the contradiction between supply and demand of metals and guide the commodity prices to return to a normal range.

On Sept 1, the National Development and Reform Commission and the National Food and Strategic Reserves Administration released 150,000 tons of copper, aluminum and zinc from the national reserves, marking the third batch of releases to the market.

So far, China has released three batches of copper, aluminum, and zinc this year, totaling 420,000 tons.

Li said the release helps boost the market supply and ease the pressure on raw material costs for enterprises, showing the country's strong determination to stabilize the supply and prices of the key commodities.

"The majority of small and medium-sized processing and manufacturing enterprise have fully participated in the online bidding of (copper, aluminum and zinc), and they are able to purchase raw materials at below-market rates," Li said.