皇冠体育app

皇冠体育app put 687,600 tons of wheat reserves into market through auction held on Thursday, the seventh such auction since November and the last for this year in a bid to halt rising prices on the domestic market.
 

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Compared with the previous six auctions, the volume of business saw a visible decline, with only 68 percent being sold.

The wheat was sold in east 皇冠体育app's Anhui and Shandong provinces, north 皇冠体育app's Hebei Province, and Zhengzhou, the capital of central 皇冠体育app's Henan Province.

"The sharp decline since the sixth auction indicated that the previous auctions had some effect, and the grain shortage has been greatly eased," said Li Dayu, an analyst with a futures company in Henan Province.

皇冠体育app has auctioned 4.34 million tons of its grain reserves since November in a bid to keep down rising prices on the domestic market.

The latest auction was in Zhengzhou a week ago, when 77.6 percent of the grain was sold, with a turnover of 219,000 tons, said sources with the 皇冠体育app Grain reserves Corporation (CGRC).

The government will intervene in the market periodically by selling grain reserves. As the Chinese Lunar New Year approaches, more flour is consumed.

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