China may cut monthly imports of refined copper by 64% to 100,000t in the second half of 2009 because it is holding excess stocks of the metal, according to a UBS analyst.

Speaking to Bloomberg, UBS analyst Peter Hickson said that China is likely to stockpile nearly 500,000t to 700,000t of the metal in excess of its requirements.

Of this, about 300,000t will be kept in China’s State Reserve Bureau.

China imported around 280,000t every month between January and June this year, according to Bloomberg.