Looks like the copper auction failed to make a dent in the...

Looks like the copper auction failed to make a dent in the copper price as it is higher than when the auction took place.

https://www.reuters.com/article/us-china-metals-reserves-auction/chinas-state-metals-reserves-auctioned-off-in-double-quick-time-idUSKCN2ED0LL

One source at a state-run metals firm following the auctions said the aluminium was sold at around 18,075 yuan ($2,797) a tonne, a 5.3% discount to aluminium’s settlement price on the Shanghai Futures Exchange (ShFE) on Monday.

For copper, bidding began at 8 a.m. Beijing time (0000 GMT)and the last lot of 146 tonnes was auctioned just 75 minutes later, according to the China Minmetals Corp platform hosting the sales.

“It was grabbed within seconds,” said a second source following the auctions, who works at a copper wire maker. He put the sale price at around 67,700 yuan a tonne, a 1.6% discount to the price of ShFE copper for delivery in August.

No notices for zinc sales were visible but the first source said the metal was sold at around 21,000 yuan a tonne, versus a ShFE zinc price of about 22,000 yuan.

In a statement on Wednesday, the reserves administration confirmed it had put a total of 100,000 tonnes of metal on the market on July 5 and said it would continue to release state reserves in the near future.