Base Metals Rise as China’s Stockpile Release Less Than Expected
- Copper and aluminum auctioned off by China was sees as ‘light’
- The amount of netal in China’s state reserves remain a mystery
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Base metals rose in London after China’s state reserves bureau said it would sell only relatively small quantities in its first disclosed release of stockpiles in more than a decade.
“The market had apparently expected a larger quantity and appears relieved, with the result that prices have actually risen again quickly,” Daniel Briesemann, an analyst at Commerzbank AG, said in an emailed note.