Abstract Two sources familiar with the matter revealed that China’s State Reserve Bureau recently acquired approximately 30,000 tons of nickel, a volume equivalent to one-sixth of the total inventory held in the London Metal Exchange (LME) warehouses. Additional insiders mentioned that the China National Materials Reserve Bureau has also been monitoring developments in the copper market over the past few weeks.
The China National Materials Reserve Bureau is one of the most powerful players in the global metals sector. In early 2009, its purchasing activities helped stabilize metal prices, which later surged sharply over the following two years. However, since reaching a peak in 2011, metal prices have declined significantly, with copper, nickel, and aluminum all hitting recent lows, partly due to concerns over China's slowing economic growth.
Market participants suggest that the bureau’s recent nickel purchase could signal confidence in future demand from China. A senior trader remarked, “China’s destocking has reached a significant scale, and current prices are at a level the National Materials Reserve Board is willing to buy in bulk.â€
Another trader noted, “If you follow the pattern and buy copper every time the National Materials Reserve Bureau purchases it, you’re likely to profit.â€
While the bureau has previously bought aluminum and zinc domestically to support struggling producers, the recent nickel import marks the first major foray into the international market since the post-2008-09 financial crisis. These transactions occurred several months ago but remain undisclosed.
Nickel prices for stainless steel production have dropped by 50% since 2011, reaching $14,609 per ton last month—the lowest in nearly four years. Despite global supply, China relies heavily on low-grade nickel ore imported from Indonesia, where the government plans to ban such exports starting next year.
Copper prices have also declined this year, though they remain more than double the 2008 low. As a critical material used in wiring and industrial applications, copper is considered a strategic resource in China, with a large portion needing to be imported. Some traders believe the National Materials Reserve Bureau is aiming to acquire between 200,000 and 300,000 tons of copper.
One trader said, “The bureau is quietly gathering information,†while another added, “The price drop is exactly what they were hoping for.â€The new wooden Toilet Seat combines durability, comfort, and aesthetics. Made of high-quality wood, they add classic or modern elements to any bathroom decoration. We have various surface treatments and designs for wooden toilet seats, ensuring a perfect combination of functionality and aesthetics.
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