China’s metals association calls for expanded copper stockpile

[Ben Graham]

China may look to stockpile more copper as part of its strategic minerals inventory after its state-backed metals industry group suggested the move to bolster the nation’s supply security.

During its annual briefing on Tuesday, the China Nonferrous Metals Industry Association said the Chinese government should expand its strategic reserves of copper, while working with major state-owned producers to boost commercial inventories.

In addition, market experts from the Association also suggested the possibility of adding copper concentrates to the nation’s strategic reserves.

The calls come a day after the US government unveiled “Project Vault” — a planned $12 billion fund aimed at building strategic mineral reserves to support domestic production and reduce reliance on Chinese supplies.

Last year, the US Geological Survey added copper to its list of minerals that are critical to the American economy and national security. The metal, which is used in almost everything from infrastructure and machinery to electronics and renewable energy, is currently being examined for a potential tariff by the Trump administration, highlighting the risks in its supply chain.

China, meanwhile, is thought to have been accumulating strategic stockpiles of minerals like copper for decades to protect itself from supply disruptions.

Amid a wave of mine disruption and aggressive demand forecasts, copper prices have been soaring over the past year, recently hitting a record high of $14,500 per ton in London. Despite the massive selloff in the metals’ market last week, copper has maintained a 40% gain on this time last year, and is 4% higher since the start of 2026.