Traders expect China’s powerful State Reserves Bureau to resume purchases of base metals this week, three years after the end of a buying programme that helped prop up prices during the financial crisis of 2008-2009.
The SRB, which reports to the National Development and Reform Commission, could offer to buy as much as 400,000 tonnes of aluminium and 150,000 tonnes of zinc from smelters, according to physical traders with knowledge of the plans.
The purchases might start as early as tomorrow, they said, although it remained unclear exactly how the buying programme would be structured and how much metal the SRB would ultimately acquire.
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