China's Yunnan launches 800,000 tonnes metals stockpiling drive

China's Yunnan province said on Sunday it would set aside 1 billion yuan ($141.22 million) to help businesses stockpile 800,000 tonnes of nonferrous metal as part of efforts to boost its real economy following the novel coronavirus outbreak.

The funds will be used to cover interest on bank loans taken out for the one-year stockpiling drive, which will include copper, aluminium, lead, zinc, tin, as well as minor metals germanium and indium and other nonferrous metals, the provincial government said on its website.

Stockpiling has been suggested by the China Nonferrous Metals Industry Association as a way to ease pressure on smelters hit by a slump in demand and plunging metals prices.