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Gold/Mining/Energy : Copper - analysis
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To: Stephen O who wrote (1998)4/23/2009 2:31:05 PM
From: Stephen O  Read Replies (1) of 2131
 
China Unlikely Buying Copper to Diversify, Commerzbank Says
2009-04-23 11:39:28.638 GMT

By Stuart Wallace
April 23 (Bloomberg) -- China probably isn’t adding to its copper stockpiles to diversify its foreign exchange reserves, contrary to some speculation in the metals markets, Commerzbank AG said.
The Asian nation would need 4.3 million metric tons of copper to replace 1 percent of its foreign exchange reserves, an amount equal to a quarter of world output, the bank said in a report distributed today. That sort of buying “would lead to massive distortions on the market,” Commerzbank said.
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