DJ China Chenzhou City To Stockpile 115,000 Tons Metals -Sources
marketwatch.com
Last update: 4:39 a.m. EST March 3, 2009
SHANGHAI, Mar 03, 2009 (Dow Jones Commodities News via Comtex) -- The central China city of Chenzhou in Hunan province plans to buy a selection of industrial metals to soak up surplus stock as commodity prices continue to slip, an official said Tuesday.
An official with Chenzhou City Economic Committee, who declined to be named, said the city authorities will stockpile silver, lead, zinc, tungsten, tin and bismuth. He didn't give details on the planned prices or volumes to be purchased.
"We're currently carrying out the stockpile plan and expect to complete it within a year," the official said. However, a China Mining news report Monday, citing an official city notice, said Chenzhou authorities were planning to buy 2,000 tons of silver, 50,000 tons of lead, 50,000 tons of zinc, 5,000 tons of tungsten, 5,000 tons of tin and 3,000 tons of bismuth this year.
Chenzhou is known to be rich in nonferrous metals, with more than 70 kinds of mineral resources, and reportedly has among the largest reserves of tungsten, bismuth, molybdenum, tin and zinc in China.
-Yue Li and Chuin-Wei Yap contributed to this story, Dow Jones Newswires; (8621) 6120 1200; yue.li@dowjones.com
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03-03-09 0439ET
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