Shanghai plans a fourfold increase in its storage area for bulk commodities at bonded warehouses to 200,000 sq metres as it strives to become a top bulk commodity trading centre in the Asia-Pacific region.

That area is similar to the storage scale for bulk commodities in Singapore, according to the Shanghai Free-Trade Zones Administration, which supervises free trade zones in Yangshan and Waigaoqiao terminals and Pudong International Airport.

Yangshan and Waigaoqiao have become important distribution centres for nonferrous metals. About 70 per cent of China’s copper is imported via Shanghai, reported Shanghai Daily.

The free trade zones are working to offer value-added services by lowering the cost for commodity trading to attract firms into the areas.