China’s NDRC: Have achieved preliminary results in curbing price surges in commodity prices
|China’s National Development and Reform Commission, the country’s state planner, announced progress in their attempts to curb the surge in commodity prices.
Key quotes
“Has achieved preliminary results in curbing price surges in commodity prices.”
“Will step up supervision on spot and futures market and safeguard normal market order. “
“Will work with other departments to release state reserves at an appropriate time to increase market supply, reduce firms' cost pressure and guide prices to return to normal range.”
Market reaction
Copper futures on COMEX shrugs off the Fed’s hawkish surprise and the above news from China, as they rebound 1.20% on the day to trade at $4.3197, at the time of writing.
Meanwhile, WTI is down 1% to test $71.50 and gold fast approaching the $1800 level.
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