 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| . |  |
. |
China halts metals stockpiling for now: report
Shanghai (AFP) June 29, 2009 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 tonnes 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 tonnes of aluminium, 159,000 tonnes of zinc, 30 tonnes of indium and 5,000 tonnes 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." Yu added that middlemen, rather than domestic companies that the government intended to support, had unexpectedly become "the biggest beneficiary" of Beijing's buying spree. China has been buying up crude oil, copper, coal and a host of other key raw materials despite the financial slump having slashed demand for the exports responsible for the Asian giant's once ravenous appetite. The State Reserve Bureau has been stockpiling, but so too have producers, distributors and other speculators hoping to profit from an expected rise in prices once the world economy starts to recover, analysts say. Share This Article With Planet Earth
Related Links Global Trade News
China's ships idled but Shanghai port charges aheadShanghai (AFP) June 28, 2009 The scene where Shanghai's river meets the sea is a snapshot of China's battle against the financial crisis -- as well as the site of the port the country hopes can set the stage for the next boom. Empty container ships -- victims of China's export collapse -- line the river banks in Shanghai's port. Meanwhile, bulk carriers laden with raw materials -- a bet on demand rebounding -- wait ... read more |
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2009 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement |
del.icio.us
Digg
Reddit
YahooMyWeb
Google
Facebook