Interesting https://www.bloomberg.com/news/articles/2021-06-16/china-orders-state-firms-to-curb-overseas-commodities-exposure?
Government stockpiles of copper, aluminum and zinc will also soon be released to fabricators and manufacturers, a measure that could be expected to reduce prices.
Stocks of North American metal companies including Freeport-McMoRan Inc., Alcoa Corp. and Nucor Corp. also slumped, while a Bloomberg Intelligence gauge of global copper producers fell to the lowest in nine weeks.
https://www.kitcometals.com/charts/copper_historical.html
“We haven’t seen the country release state reserves for years,” said Jia Zheng, a commodity trader with Shanghai Dongwu Jiuying Investment Management Co. “This will boost short-term supply, sending a bearish signal to the market.”