China will show "zero tolerance" for monopoly behavior and hoarding to stop surging prices, said a report from the National Development and Reform Commission.
"Essentially we're sleepwalking to huge deficits and scarcity. And prices will have to rise even higher than is currently our base case," Goldman said.
Copper prices rose to as high as $10,008 a ton on the London Metal Exchange Thursday before falling from 10-year highs.
Copper is increasingly needed in the production of electric vehicles, which require close to 200 pounds of the metal in a single vehicle.
The goods were secretly unloaded at night and replaced with rocks that resembled semi-refined metal.