China’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 Bureau 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 inquiries about copper, several other people with knowledge of the matter said.
The SRB is one of the most influential movers in the global metals markets. In early 2009, its buying helped put a floor under prices, setting the stage for a surge over the next two years.
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