Commodity buying should continue: experts

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In%202013%2C%20Australia%20and%20Brazil%20provided%20about%2070%20percent%20of%20China%27s%20iron%20ore%20imports%2C%20and%20price%20negotiation%20power%20is%20still%20weighted%20in%20favor%20of%20the%20global%20mining%20giants%2C%20according%20to%20media%20reports.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22China%20should%20not%20stop%20its%20stockpiling%20of%20strategic%20resources%20just%20because%20some%20sectors%20are%20stagnating%20-%20these%20resources%20will%20surely%20be%20used%20someday%2C%22%20Zheng%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWhile%20the%20decision%20on%20whether%20to%20buy%20or%20not%20is%20largely%20in%20the%20hands%20of%20individual%20companies%2C%20the%20central%20government%20should%20consider%20a%20national-level%20scheme%20for%20stockpiling%20non-renewable%20strategic%20resources%2C%20such%20as%20coal%20and%20oil%2C%20Zheng%20noted.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%20published%20its%20strategic%20petroleum%20reserve%20program%20in%20November%202014%2C%20stating%20that%20it%20will%20stockpile%2091%20million%20barrels%20of%20crude%20oil%2C%20or%20about%20nine%20days%20of%20oil%20use%2C%20during%20the%20first%20phase%20of%20the%20government%20emergency%20stockpile%20program.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EMedia%20reports%20said%20that%20such%20a%20level%20is%20very%20low%20compared%20to%20the%20international%20standard%20of%2090%20days%20of%20oil%20use.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EWu%20said%20there%20have%20been%20production%20delays%20at%20some%20foreign%20mines%20that%20Chinese%20firms%20have%20invested%20in%2C%20which%20has%20reinforced%20China%27s%20dependence%20on%20imports%20of%20overseas%20resources.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EFor%20instance%2C%20China%20Minmetals%20Corp%27s%20Las%20Bambas%20copper%20mine%20project%20in%20Peru%20has%20seen%20production%20delays%2C%20Wu%20noted.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ENonetheless%2C%20experts%20said%20China%27s%20buying%20of%20global%20commodities%20has%20helped%20boost%20market%20confidence%20and%20slowed%20the%20speed%20of%20the%20price%20free%20fall.%20%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20fact%20that%20China%20has%20continued%20buying%20is%20helping%20to%20stabilize%20the%20market%2C%20but%20one%20single%20country%20cannot%20reverse%20the%20downward%20trend%2C%22%20Wu%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%28Global%20Times%29%3CBR%3E%3C/FONT%3E%3C/P%3E