MINING STOCKS FALL AS CHINA RESTRAINS METAL PRICES
On Wednesday, mining stocks dropped after China announced it would release metal reserves to restrain commodity prices. China is the world’s largest consumer of raw materials. It fears that an increase in metal prices, and with it the extra costs that would be passed onto its consumers, could pose a serious threat to its economic recovery post-pandemic. Following the announcement, major mining stocks weighed heavily on the FTSE 100. Anglo American dropped 2%, Rio Tinto 0.9%, Antofagasta 1.5%, and Glencore 2.8%.