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SEOUL (Reuters) - South Korea, Asia's third-largest base metal buyer, plans to boost its strategic aluminum and copper reserves by 46 percent and 23 percent respectively this year, in anticipation of higher prices and demand when the economy recovers.

Jungwoo Metal recently launched the copper press fittings it has successfully developed for the first time in South Korea.

According to Korea Non-ferrous Metal Association, domestic demand for electrical copper is forecast to remain the same trend as shown last year, amounting to 743 thousand metric tons.

In a meeting held on 7th March, the Korea Copper Industry Cooperative and the Korea Research Society of Copper and Copper Alloy began to draw up a strategy for the development of the local copper industry until 2025. The strategy will look at how to improve the region's competitiveness in the copper semis sector, by coordinating research and development initiatives, looking at the effects of the recently imposed VAT on scrap copper and analyzing the problems associated with facility expansion. The strategy will also aim to publically promote new copper technologies, including products utilising copper's anti-microbial properties.

While the global copper scrap prices remain strong and short supply continues Korea still keeps high degree of dependency upon imports of copper scrap due to low self sufficiency.

South Korea has experienced a sharp decrease in its entire copper semis range production in November 2008 according to the Korean Nonferrous Metal Association. Copper wirerod totalled 46,007 tonnes, falling by 18% y-o-y. Copper plate and strip plunged by almost 42% y-o-y to 10,744 tonnes. Copper tube also declined by approximately 26% to 9,448 tonnes, while copper and copper alloy bar production fell to 16,191 tonnes, a decline of approximately 8%. Overall, copper semis production in November 2008 dropped by 21.4% y-o-y. For the first eleven months of 2008, copper semis output amounted to 1,097,154 tonnes compared to 1,193,092 tonnes from the same period in 2007, declining by 8%. The economy has been hit by shrinking exports and weakening domestic demand. In response to the downturn, the government announced that it will invest 50 trillion won within the next four years in infrastructure and environment projects.

LS-Nikko Copper Inc. forecast copper demand in South Korea, Asia's third-biggest metals buyer, may improve "gradually" later this year and in 2010 buoyed by economic stimulus measures and a shortage of scrap material.

South Korean makers of wrought copper alloy are expecting that the free trade agreement (FTA) between South Korea and Australia, which will go into effect on December 12, will stimulate their exports

Supply of copper scrap is expected to gradually increase in the domestic market. With the full-scale enforcement of a system for copper scrap buyers to pay added-value tax.

"China has started mass production of graphene films used in production of cell phone and computer touch screens as a new production line began operation. The production line is in a graphene industrial park in southwest China's Chongqing Municipality. It can produce tens of millions of graphene films every year."

Amid a prolonged economic slump, demand for nonferrous metals and processed products of them is staying below the previous year's level but the consumption of raw materials including scrap is up

Following the application of copper and copper alloy products to cultivation of fish on the sea, which began in October 2011 for the first time in Korea, study on the application of them to fish cultivation on land

Korea Resources and LG International Corp will resume operations at Rapu Rapu copper and zinc mine in the Philippines after the mine received environmental approval.