Chinese stockpiling of copper may force lower prices of the metal, as speculators fear that Chinese imports will decrease in 2010, Bloomberg reported, citing the results of a survey of 22 analysts, investors and traders. Of the 22, 11 of those surveyed believed copper prices would fall next week and nine said they would rise while two were neutral. China has been stockpiling copper throughout 2009, with reports earlier this year that pig farmers were hoarding the metal to benefit from rising prices. According to the Shanghai Futures Exchange, currently tracked stockpiles in China may be as high as 104,377 metric tons, up from 17,822 tons earlier this year. The Royal Bank of Scotland estimates additional stockpiles at 900,000 to 1 million tons. November shipments of refined copper to China totalled 194,388 tons, 15% up from October but 49% below record imports of 378,943 tons in June.
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