China may expand its copper stockpile as a strategic minerals security measure after its state-backed industry group urged the government to grow reserves and coordinate inventory building with state producers.
At an annual briefing on Tuesday, the China Nonferrous Metals Industry Association called for an expanded strategic reserve of copper and for collaboration with major state-owned producers to increase commercial inventories alongside state holdings.
Association-linked market experts also raised the possibility of adding copper concentrates to China’s strategic reserves, broadening the scope beyond refined metal into earlier-stage supply that can be processed later.
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The call followed the US government’s unveiling of “Project Vault,” described as a planned $12 billion fund to build strategic mineral reserves intended to support domestic production and reduce reliance on Chinese supplies. In addition, the US Geological Survey added copper to its list of minerals critical to the American economy and national security last year.
Copper is also being examined for a potential tariff by the Trump administration, a review that spotlights supply-chain vulnerability and creates another channel for demand and inventory behavior to change quickly.
China is thought to have accumulated strategic mineral stockpiles, including copper, for decades to cushion against disruptions, and the association’s recommendation effectively argues for scaling that approach as supply security becomes a more visible national planning variable.
After a wave of mine disruptions and aggressive demand forecasts, copper prices have surged over the past year and recently hit a record high of $14,500 per ton in London.
Even after a massive metals-market selloff last week, copper’s performance has remained resilient versus key reference points. It is still up 40% versus the same time last year and up 4% since the start of 2026.
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