Don’t blink!
Bloomberg tweeted:
There is also this:
@livesquawk: China Copper Smelters Said To Plan Meet To Mull Price Response — BBG
And this from Reuters:
China’s aluminum and nickel producers have asked Beijing to buy up surplus metal, sources said, the first coordinated effort since 2009 to revive prices suffering their worst rout since the global financial crisis.
The state-controlled metals industry body, China Nonferrous Metals Industry Association, proposed on Monday that the government scoop up aluminum, nickel and minor metals including cobalt and indium, an official at the association and two industry sources with direct knowledge of the matter said.
The request was made to the state planner, the National Development and Reform Commission (NDRC).
Everything is oversold so I’m guessing a few hedge funds are feeling the heat, with Shanghai metals rallying CME/LME metals are up in sympathy. Dalian is also up 2% now.
