Miners slip as metals rally pauses on China moves

 https://seekingalpha.com/news/3755510-metals-rally-pauses-on-china-moves

• Global mining shares are indicated lower as base metals prices turn broadly lower after China launched measures to fight its energy crisis that threatens the country's economic growth.
• RIO -4.1%, VALE -1.7%, BHP -1.1%, AA -1.7%, CENX -1.5%, TECK -1.7%, FCX -1.1%.
• Also on watch: OTCPK:GLCNF, OTCPK:GLNCY, OTCQX:AAUKF, OTCQX:NGLOY, OTCQX:FSUMF, OTCQX:NHYDY, OTC:ANFGF
• London copper (HG1:COM) -1.5% to $10,005/ton in its third straight session of declines after low inventories on the LME system pushed prices to a high of $10,452 on Monday.
• However, "we do not believe that the current price setback will mark the beginning of a trend reversal," Commerzbank analyst Daniel Briesemann tells Reuters, noting that "China has used various measures such as releasing state reserves in a vain attempt to cool the price rally."
• London aluminum (LMAHDS03:COM) also -1.5% to $3,063/ton, while lead, tin and nickel also trade lower; zinc +1.7% to $3,566/ton.
• Rio Tinto also unveiled plans to spend $7.5B in projects to decarbonize its assets by the end of the decade.