2007年4月11日 中国需求引发又一轮金属牛市

全球金属市场正处于又一轮牛市，有望超过去年春天的价格上扬。昨日，铜、镍、铅和锡的价格在交易中均出现猛涨。

Metal markets are in the middle of another price boom that may eclipse the one seen last spring, with copper, nickel, lead and tin all rising strongly in trading yesterday.

此轮价格上扬的广度超出去年，但支持因素仍是原来的那几个：中国乃至全球需求旺盛、供应受限、金属库存水平偏低、以及活跃的金融投机行为。

This boom is more broadly-based than last year's, but supported by the same cocktail of factors: strong Chinese and global demand, constrained supplies, low levels of metal stockpiles and heightened financial speculation.

今年初，全球金融价格曾出现不稳，当时人们预期全球经济需求将放缓，而供应将增长，并担心美国房地产市场减速产生冲击效应。

Metal prices had a shaky start to the year amid expectations of slowing global economic demand, rising supplies and concerns about the knock-on effects of the US housing slowdown.

但自2月中旬以来，市场情绪已发生转变，尤其是对于贱金属市场的主要标尺--铜，因为人们假定世界最大的铜消费国--中国的需求超出预期。

But sentiment has turned since mid-February, particularly towards copper, the flag-bearer of the base metals markets, on the assumption of stronger-than-expected demand in China, the world's biggest copper consumer.

这种观点昨日得到中国海关数据的支持，这些数据显示，上月中国进口了创纪录的30.774万吨铜，而今年头三个月进口量上升58%。

That view was supported by Chinese customs data yesterday, showing a record 307,740 tonnes of copper were imported last month, with imports up 58 per cent in the first three months of the year.

伦敦金属交易所(London Metal Exchange)基准铜价昨日上涨逾5%，达到每吨7710美元的七个月高位，自2月初以来已上涨逾48%。

The benchmark copper prices rose more than 5 per cent to a seven-month high of $7,710 a tonne on the London Metal Exchange, and have risen more than 48 per cent since early February.