China has sold 20,000 metric tons (22,000 tons) of copper in the country's first auction of state copper reserves, a move aimed dampening record prices. Following the auction, China's State Reserve Bureau said it would sell off another 20,000 metric tons on Nov 23. Prices soared last week after a China state trader shorted 100,000 to 200,000 tonnes he had sold without owning in the hope of buying it back later more cheaply.
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