Bloomberg reported that China’s State Reserve Bureau is looking to add as much as 150,000 tonnes of refined copper to its stockpiles, as per people with knowledge of the situation.
As quoted in the publication:
The state agency issued the tender, which closes Jan. 10, to multiple sellers including smelters at a meeting in Beijing on Tuesday, the people said, asking not to be identified because the information is private. The tender was reported late Tuesday by FastMarkets.com.
Smelters in China, the world’s largest producer and consumer of metals, are contending with a collapse in prices as the nation’s growth slows to its weakest in a quarter century. The SRB’s move to soak up excess supply follows industry pledges in December to cut output and sales, and lobbying of the government to step in to support the market.
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Updated December 2015
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