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No stockpiling

No stockpiling

Beijing has suspended buying non-ferrous metals for state reserves after government stockpiling led to a surge in prices, Chinese media reported.
China has been building its inventories of metals, including 235,000 tons of copper, over recent months, Caijing magazine reported on its website over the weekend, citing Yu Dongming, an official with the state economic planner.
China also bought 590,000 tons of aluminium, 159,000 tons of zinc, 30 tons of indium and 5,000 tons of titanium, said Yu, who works in the National Development and Reform Commission's industry department.
"In the current market situation, aluminium firms have already started to make profits and non-ferrous metals prices have rebounded," he was quoted as saying.
"It's had the expected effect and, given these circumstances, we don't expect the state will continue to build its reserves."


Updated : 2021-03-01 06:08 GMT+08:00