“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.
“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.”
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%.
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