Beijing is fretting over record prices for commodities such as copper and iron ore. Officials have vowed to punish speculation and false price-sensitive information. The real cost may be borne by foreign purchasers of everything from washing machines to steel joists.
China’s tough talk reflects growing fears of inflation. Regulators called in the largest local metals producers and ordered a halt on higher prices. Iron ore hit almost $230 per tonne earlier this month while copper peaked at almost $5 per pound on international exchanges.
The crackdown has worked — for the moment. Iron ore futures fell as much as 9.5 per cent on Monday on the Dalian Commodity Exchange. Copper and aluminium futures also slipped.
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