China sell-off weakens copper
28 November 2005
Wednesday's auction could sell no more than 12,000 metric tons of Chinese copper of the 20,000 tons put on the block, prompting expectations of a further fall in price, which has been skyrocketing in recent weeks, the Wall Street Journal reported. The rise is said to be the result of a short position of 100,000 to 200,000 tons supposedly taken by a China state trader on the London Metal Exchange. The State Regulation Center of Supplies Reserve said it will auction another 20,000 metric tons November 30. There is speculation that China will sell 60,000 additional tons of copper in the coming weeks, raising the total to 100,000 tons.
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