China to Enhance Strategic Reserves with Key Industrial Metals
China plans to enhance its strategic reserves by adding key industrial metals, including cobalt, copper, nickel, and lithium, to ensure a resilient supply of critical minerals. The National Food and Strategic Reserves Administration is seeking to purchase these metals, as highlighted by the National Development and Reform Commission’s recent goals in its parliamentary report.
China is set to bolster its strategic reserves of crucial industrial metals this year, aiming to enhance the resilience of its critical minerals supply, as reported by Bloomberg News. The metals slated for stockpiling include cobalt, copper, nickel, and lithium.
The National Food and Strategic Reserves Administration, responsible for the nation’s official stockpiles, has initiated price inquiries and plans to bid on these metals. Additionally, the National Development and Reform Commission (NDRC) recently signaled its intent to expedite efforts to accumulate strategic goods, as indicated in its annual parliamentary report.
Furthermore, China’s industry ministry announced last month its commitment to bolster support for domestic exploration of vital minerals such as lithium, cobalt, and nickel. This strategic move underscores China’s ambition to secure a stable supply chain for essential resources.
In summary, China’s intention to acquire key industrial metals for its strategic reserves highlights its proactive approach to ensuring a stable supply of critical minerals. By focusing on cobalt, copper, nickel, and lithium, China aims to enhance its economic resilience. The involvement of the National Food and Strategic Reserves Administration, alongside the National Development and Reform Commission’s plans, further underscores the emphasis on domestic resource exploration and strategic accumulation of vital metals.
Original Source: www.tradingview.com
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