As base metals prices plunged at the end of last year, one savvy trader with an unusually long-term view – and deep pockets – took advantage of prices not seen in five years to snap up as much metal as it could.
The State Reserve Bureau of China, the state-owned trader behind the deals, surprised the mining and metals industry with its speed and uncompromising attitude. But its buying was welcomed, as it helped to turn round the market.
