China to tighten control over pork futures market

 CHINA will increase its oversight of the country's pig spot and futures markets in an attempt to curb rising pork prices, the country's chief economic planner said on July 5, Xinhua news agency reported.

Joint efforts will be made to promptly detect abnormal transactions and strengthen penetrating supervision, the National Development and Reform Commission said in a statement after meeting with the Dalian Commodity Exchange, which trades hog futures.

The two sides will work together to crack down on illegal activities such as fabricating and spreading information about price increases, hoarding for profit, price gouging and malicious speculation, the statement said.

In recent weeks, prices for pork, China's staple MEAT, have been on the rise. From June 20 to 24, the average pork price tracked by the Department of Agriculture and Rural Affairs rose 5.4% weekly on a weekly basis, up 31.6% year-over-year.

China is stepping up efforts to secure pork supplies to the market and stabilize prices. The world's largest producer and consumer of pork is considering releasing pork from its central reserves and directing the release of pork from local reserves.