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China's cabinet says it will cope effectively with fast rise in commodity prices

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BEIJING, May 12 (Reuters) - China will monitor changes in overseas and domestic markets and effectively cope with a fast increase in commodity prices, the state council said on Wednesday.

China will step up coordination between monetary policy and other policies to maintain stable economic operations, the cabinet also said, as reported by state television.

Prices for commodities such as copper, coal and steelmaking raw material iron ore extended recent rallies to hit all-time highs this week on concerns a post-coronavirus pandemic demand rebound in China is outpacing supply.

China is the world's biggest market for copper, coal and iron ore and consumers face much higher costs as some analysts expect a commodities "super-cycle".

The cabinet did not say how it would cope with the rise in commodity prices.

China will support the issuance of 300 billion yuan ($46.6 billion) special bonds for smaller firms, the cabinet said.

The government will step up financial support for firms that are under consistent shock from the coronavirus pandemic, including airlines and hotels, the cabinet said.

The government will continue support employment, returning 30-60% of unemployment insurance premiums to companies that save jobs,it added. (Reporting by Lusha Zhang, Kevin Yao and Tom Daly; Editing by Toby Chopra)