Mon, 26 Jul 2021

Ivan Glasenberg, the billionaire boss of Glencore, said China's efforts to cool surging metal prices can't be sustained for long.

"The Chinese are trying to push it down, bring it back to lower levels," Glencore's outgoing chief executive officer said on Tuesday at the Qatar Economic Forum. "I think that's a short-term game because the underlying fundamentals will keep it at these levels."

China, spooked by a surge in commodity prices from copper to iron ore, has rolled out several measures this year in a sweeping effort to stem inflation by cooling the runaway raw materials. That includes plans to release metals such as copper, aluminum and zinc from its strategic reserves for the first time in a decade.

The impacts of such a move would be short lived as soon China would have to replenish those stocks, said Glasenberg, who will leave Glencore at the end of this month after heading the world's biggest commodity trader for almost two decades.

Source: News24

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