Copper price and China reserves: sell on rumor, buy on fact

Copper prices rose on Wednesday, recovering from a seven-week low struck Tuesday, despite China’s campaign to reduce speculation and cool rampant metals markets. 

The Chinese National Food and Strategic Reserves Administration announced it will soon release state stockpiles of metals including copper, aluminum and zinc in what some analysts said could be the first such move in a decade by the world’s top consumer of metals.

The metals will be sold in batches to fabricators and manufacturers, it said, without giving the volumes to be released.