Looks like the Chinese are playing games. There may be a bigger supply deficit in the rest of the world but the Chinese are okay. The prices may not go up but it is certain they won't go down. I particularly liked this quote..

"And if that means that the rest of the world is short of metal, then I think that is something the Chinese copper industry can probably live with," he says."

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=150566&sn=Detail&pid=102055