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Message: China: Metal Stockpiling Over?

China: Metal Stockpiling Over?

posted on Jun 30, 2009 08:59AM

I noticed in the piece below that there was no mention of gold or silver. And that works for me. So far this AM, aluminum, zinc and copper are flat to up a penny or less. Not any damage. So far so good.

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http://www.marketwatch.com/story/china-says-metal-stockpiling-over-report

MARKET PULSE

Jun 29, 2009, 3:18 a.m. EST

China says metal stockpiling over: report

By Michael Kitchen

LOS ANGELES (MarketWatch) -- A top Chinese official told state-run Caijing magazine that the government has halted its metal-stockpiling program, as the policy has achieved its aims of raising market confidence, reducing stocks and stabilizing prices, Dow Jones Newswires reported Monday. The report cited the published comments by Yu Dongming, chief of the metallurgical division in the National Development and Reform Commission's industry department, who added that China has so far amassed 590,000 metric tons of aluminum, 159,000 tons of zinc, and 235,000 tons of copper. Analysts said the news could push down metals prices in the near term, though a stimulus-driven revival in demand may limit the fall, according to the report.

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Jun 30, 2009 10:12AM
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