The first five-year plan since the acknowledgement of the coronavirus, we'll see what has changed in the politburo's thinking.
From Reuters, October 21:
The prospect of China buying copper for its stockpiles is filtering through the market ahead of a meeting of the country’s leaders to discuss its next five-year economic and social development plan.
The meeting due to take place next week is expected to approve the stockpiling of commodities such as copper, which China has to import due to inadequate domestic resources of the metal used widely in the power and construction industries.
The National Food and Strategic Reserves Administration, China’s state stockpiler, said it was not aware of the situation, when asked about stockpiling plans.
The National Development and Reform Commission, China’s state planner, did not immediately respond to a faxed request for comment.
According to Citi analyst Max Layton, potential catalysts for stockpiling include deteriorating relations with the United States and the COVID-19 crisis highlighting the need to ensure China’s stocks can withstand supply disruptions.
“We would be comfortable making 700,000 tonnes of incremental state buying over the next five years, taking stocks to 90 days of net imports, our base case,” Layton said....MUCH MORE
