Oct 20 (Reuters)China’s strategic reserve organisation is expected to buy 3,100 metric tons of cobalt, two people briefed on the matter said, as Beijing builds up stockpiles of the strategic material used in batteries and aerospace.

Five major cobalt suppliers attended meetings held in Beijing this week to discuss prices and volumes of the purchases, the people said.

The people declined to be identified because of the sensitivity of the matter. China’s National Food and Strategic Reserves Administration did not immediately respond to a fax seeking comment.

China holds strategic reserves of several metals, including copper, aluminium, zinc and cobalt, but does not disclose how much it holds. It typically buys when market prices are low.

($1 = 7.3166 Chinese yuan renminbi)

(Reporting by Reuters Newsroom; Editing by Veronica Brown and Jane Merriman)

Source: Nasdaq

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