June 23, 2022

 

China to purchase a further 40,000 tonnes of pork for its state reserves

 


The China Merchandise Reserve Management Centre said the country will purchase a further 40,000 tonnes of pork for its state reserves on June 24, following a purchase of 40,000 tonnes of pork earlier this month, Nasdaq reported.

 

China has been buying pork for its state reserves to boost swine margins and support swine farmers in the country coping with rising input costs.

 

Government data showed pork prices declining 0.3% week-on-week to CNY 21 (~US$3.15, CNY 1 = US$0.15) in late-May 2022. This was a 9% drop year-on-year.

 

China has a three-level early-warning system to warn of excessive price swings in the swine market.

 

-      Nasdaq

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