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©BloombergChina’s powerful stockpiling agency has purchased base metals on the international market for the first time since prices crashed during the global financial crisis, as Beijing takes advantage of the recent price slide.
The Chinese State Reserves has bought about 30,000 tonnes of nickel, equivalent to one-sixth of the stocks in London Metal Exchange warehouses, according to two people familiar with the deal. In recent weeks it has also been making enquiries about copper, several other people with knowledge of the matter said.
©BloombergChina’s powerful stockpiling agency has purchased base metals on the international market for the first time since prices crashed during the global financial crisis, as Beijing takes advantage of the recent price slide. The Chinese State Reserves has bought about 30,000 tonnes of nickel, equivalent to one-sixth of the stocks in London Metal Exchange warehouses, according to two people familiar with the deal. In recent weeks it has also been making enquiries about copper, several other people with knowledge of the matter said.