REUTERS -China announced plans on Wednesday to release copper, aluminium and zinc from its national reserves to boost market supply and guide commodity prices to a return to normal ranges.WHAT IS CHINA'S STATE RESERVES BUREAU?
The administration is the successor to the State Reserves Bureau , which was charged with stockpiling critical materials for China and ensuring its industries and population avoided major supply interruptions. That is equivalent to one-sixth - or two months' worth - of China's annual refined copper consumption, based on estimates for 2020 from state-backed research house Antaike, but only around 2per cent of its aluminium usage and 5.2per cent of its annual zinc consumption.Commodity prices have spiked since last year, with copper more than doubling to a record and aluminium and zinc pushing to decade highs.
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