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Mini S&P is approaching record high

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China will soon release state reserves of copper, aluminium and zinc to downstream processing and manufacturing enterprises in a bid to counter the sharp rise in commodity prices, said Meng Wei, spokeswoman of the National Development and Reform Commission at a briefing on Thursday.

Release quantities will be increased until prices return to a reasonable range and cost pressures ease, said Meng.

MNI reported earlier that the government may release state reserves, increase production, or limit exports of commodities, including copper, to damp prices. PPI jumped to an over-12-year high of 9.0% y/y in May, though Meng said speculation has begun to cool with prices of iron ore, steel and copper falling to varying degrees.