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China's SRB buys Aluminium to prop up troubled market, say sources
- China Aluminium Network
- Post Time: 2008/12/24
- Click Amount: 499
China’s State Reserve Bureau (SRB) has bought aluminium from state-owned producer Chalco, the government’s first move to prop up the ailing market, according to market speculation. The SRB bought about 300,000 tonnes on Tuesday from Chalco, market sources claimed. The move appears to confirm rampant speculation that the SRB would start buying base metals to rescue its domestic producers as demand all but grinds to a halt. Rumours have been circulating for several months about a possible buying spree, but Tuesday’s buying is the first indication that the SRB has entered the market. News of the buying helped to boost prices in Shanghai and prevented prices on the London Metal Exchange from falling far despite another large inflow of metal in warehouses.
Source: Metalbulletin
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