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China Vows ‘Zero Tolerance’ for Commodities Market Violations By Bloomberg

© Bloomberg. Crushed rock falls onto a stockpile at the Kirkland Lake Gold Ltd. Fosterville Gold Mine in Bendigo, Victoria, Australia, on Friday, Aug. 9, 2019. As prices soar, production in the goldfields of Victoria state is rising again and has already climbed to the highest since 1914 as mining companies dig deeper and new technology helps to uncover once hidden and richer deposits in a region that almost rivaled the Californian gold rush and was thought to have petered out decades ago. Photographer: Carla Gottgens/Bloomberg

(Bloomberg) — China will severely punish violations in commodities markets, ratcheting up a campaign to rein in soaring prices, the country’s top economic planning body said.

The government will show “zero tolerance” for monopolies in spot and futures markets, as well as for spreading fake information, price speculation and hoarding, the National Development and Reform Commission said in a statement.

Officials from five government agencies told iron ore, steel, and aluminum firms in a meeting Sunday that excessive speculation was a reason for the recent surge in commodities, along with rising prices internationally.

©2021 Bloomberg L.P.

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