China State Council: Will strengthen its management of commodity supply and demand

“China will strengthen its management of commodity supply and demand,” Reuters reported, citing comments from the country’s State Council, as they intervene in the commodities market after the crypto crackdown.

Key quotes

To curb "unreasonable" increases in prices."

"Prevent them being passed on to consumers."

"Cabinet urged coal producers to boost output."

"Will step up adjustments on the trade and stockpiling of commodities and reinforce inspections on both the spot and futures markets."

"Will crackdown on malicious trading and investigate behavior that bids up prices."

Market reaction

In reaction to the Chinese intervention, all commodities are back in the red zone, with Comex Copper down 0.60% to $4.55, Gold drops to near $1870 while Silver sheds 1% to $27.75, as of writing.