Metal Price Drop Attracts Buying by South Korea State Agency
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South Korea, Asia’s third-biggest consumer of copper, plans to boost metals purchases to build up stockpiles after prices dropped, according to the state purchasing agency.
The Public Procurement Service, which manages strategic commodities, bought about 26,000 metric tons including copper and aluminum between January and August, falling short of an original plan, Im Byeong Cheol, director of commodity stockpile division, said in an interview yesterday. The agency’s full-year target is 56,000 tons, he said, without elaborating.