Chinese private investors are stockpiling copper as its price on the London Metal Exchange continues to soar, Bloomberg reported. Sucden Financial business development manager for Asia, Jeremy Goldwyn, said that pig farmers and other speculators have stockpiled more than 50,000 metric tons of copper, with a total value of $324 million. Following a visit to China, Goldwyn said that the stockpiled copper amounted to half the level of inventories tallied by the Shanghai Futures Exchange, which was at a two-year high of 97,396 tons last week. Jiang Mingiun, an analyst at Shanghai Oriental Futures, said: “People who have nothing at all to do with the copper trade have been buying copper as a store of value, much like they would with gold.” Goldwyn also claimed that investors in China had stockpiled 20,000 tons of nickel.
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