China’s NDRC: Will not tolerate commodity price violations

Dhwani Mehta FXStreet

“China has zero-tolerance for commodity futures market violations,” the National Development and Reform Commission (NDRC), the country’s state planner, said as they held "talks" with commodity companies.

Key quotes

“Will severely punish commodity monopolies.”

“Will check on abnormal transactions for commodities.”

“Excessive speculation pushed commodity prices up.”

These comments come after the NDRC met with key firms engaged in iron ore, steel, copper, and aluminium industries.

Last week, China’s State Council announced that “China will strengthen its management of commodity supply and demand.”

Market implications

The Chinese regulatory crackdown on the commodity market appears to be boding ill for the industrial metals, with Comex Copper down 0.65% to $4.45 while Dalian Iron-ore futures are shedding nearly 10%.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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