彭博：中国增加钴、铜以增加国家储备

Investment Rating - The report indicates a positive outlook for the commodities sector, particularly for cobalt and copper, as China plans to increase its strategic reserves of these metals [2][5]. Core Insights - China is set to enhance its strategic reserves of key industrial metals, including cobalt, copper, nickel, and lithium, to strengthen the resilience of critical mineral supply amid rising energy-transition demand and geopolitical tensions [2][3][4]. - The National Development & Reform Commission (NDRC) has signaled a faster approach to fulfilling the annual task of stockpiling strategic goods, which includes metals [5][9]. - The state stockpiler's purchasing activities can significantly impact market prices, as it manages a wide range of commodities [6][7]. Summary by Sections Strategic Reserves Expansion - China aims to expand its strategic mineral inventories to meet demand during critical times and stabilize prices [8]. - The NDRC's report highlights plans to build storage facilities for various commodities, including metals, to improve management and operational efficiency [9]. Market Dynamics - The geopolitical landscape has complicated supply chains, leading to increased prices for metals [3][11]. - Recent price spikes for copper, which surpassed $10,000 per ton, are attributed to market volatility and potential tariffs on imports [12]. - Cobalt prices have also surged following an export moratorium by the Democratic Republic of Congo, the largest producer [13].