China not to Buy Large Amounts of Copper as Reserves

Published: Jan 7, 2016 11:33

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Rumors swirled recently that China’s State Reserve Bureau will buy 150,000 tonnes of domestic copper, but there will be small potential amounts for the agency to build, stcn.com reported.

SHANGHAI, Jan. 7 (SMM) - Rumors swirled recently that China’s State Reserve Bureau will buy 150,000 tonnes of domestic copper, but there will be small potential amounts for the agency to build, stcn.com reported.

Copper reserves held by China's state stockpiling agency are estimated to reach up to near 1 million tonnes, so any further room for the agency to buy the product as reserves will be small, market insider warned.

After the buying rumors, prices of copper on the SHFE advanced, but market players generally have no optimistic attitude.

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