China to Expand Strategic Metal Reserves

China plans to increase its strategic reserves of key industrial metals, including cobalt, copper, nickel, and lithium, to strengthen supply resilience amid growing energy-transition demand and geopolitical tensions.

The National Food and Strategic Reserves Administration has made price inquiries and bids for some metals, following signals from the National Development & Reform Commission (NDRC) to accelerate stockpiling efforts, Bloomberg News said.

The government remains discreet about the timing and scale of purchases.

Additionally, Beijing is expanding storage facilities for essential commodities like grain, oil, and fertilizers while diversifying suppliers to mitigate risks from trade disruptions, including those caused by U.S. tariffs.

Recent supply constraints and trade uncertainties have pushed metal prices higher, with copper reaching $10,000 per ton in London and cobalt surging due to an export ban in the Democratic Republic of Congo.