China sells only 20% of copper
8 December 2005
China's State Reserve Bureau sold less than 20% of the 20,000 tonnes of copper put up for sale in its fourth auction in three weeks, reported the South China Morning Post. "The price was too high," said Guangdong Yingyi Metal Products vice-chairman Yang Linzhang. China is said to be flooding the market to depress prices in order to cover short positions on 180,000 tonnes taken by its metals trader Liu Qibing. Prices have risen since Liu was removed.