Credit Agricole-CIB's Mr Kowalcyzk said these numbers coupled with the latest data "confirm that the Chinese economy has regained momentum".

BBC: A worker at a factory in China

"The momentum may be lost if any of these issue spirals into a bigger problem, " said Mr Kowalcyzk of Credit Agricole-CIB.

BBC: A worker at a factory in China

Robin Bhar, senior metals analyst at Credit Agricole CIB, said extreme price swings and profit-taking contributed to long liquidation.

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CIB, said the "biggest risk for credit markets going forward is a faster-than-expected U.S. economic recovery, which would likely see an increase in U.S. Treasury yields and a rotation into equities, " resulting in falling bond prices.

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Robin Bhar, senior metals strategist with Credit Agricole CIB, suggested the market needs further clarification to draw definitive conclusions, such as whether the 1.9-million-ton figure includes working stockpiles and strategic reserves.

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