中國基建計劃提振銅和鐵礦石價格

Copper and aluminium prices hit four-month highs as industrial metal prices continued their ascent on the back of China's $158bn infrastructure programme announced last week.

中國上週宣佈的1580億美元基礎設施建設計劃推動工業金屬價格繼續攀升，銅價和鋁價觸及四個月高點。

Benchmark iron ore, which had plummeted over the past few months on slowing Chinese demand, rose more than 7 per cent from Friday as optimism spread thanks to Beijing's plans to plough funds into railroads, highways and water treatment facilities.

在過去幾個月裏因中國需求放緩而大幅下跌的基準鐵礦石價格，自上週五以來上漲逾7%。由於中國政府計劃投入大量資金髮展鐵路、高速公路和水處理設施，市場的樂觀情緒開始蔓延。

Copper for three-month delivery on the London Metal Exchange rose 1 per cent to $8,066 a tonne. Aluminium was up 1.9 per cent to $2,057.25. The iron ore price for material containing 62 per cent iron delivered in China jumped to $97 a tonne, according to Platts, the price reporting agency.

倫敦金屬交易所(LME)三個月期銅價格上漲1%，至每噸8066美元。鋁價上漲1.9%，至2057.25美元。價格信息提供機構普氏能源資訊(Platts)的數據顯示，在中國交貨的基準鐵礦石（含鐵量62%）價格飆升至每噸97美元。

Iron ore, a key ingredient in steelmaking, is essential for the profit of mining houses, which saw an uplift in their share prices. Vale, the Brazilian miner, gained more than 5 per cent. Rio Tinto rose 1.6 per cent.

鐵礦石是主要鋼鐵生產原料，對礦業公司的利潤非常關鍵。礦業公司的股價上漲。巴西礦業公司淡水河谷(vale)上漲逾5%。力拓(Rio Tinto)上漲1.6%。

Raymond Li at Freight Investor Services, the largest iron ore swaps broker in China, said the prospect of the infrastructure spending had sparked a rally in iron ore swaps in Singapore.

航運投資者服務公司(Freight Investor Services)的Raymond Li表示，中國基礎設施支出的前景引發了新加坡鐵礦石掉期市場的反彈。航運投資者服務公司是中國最大的鐵礦石掉期交易經紀商。

But many analysts and traders remain unsure about whether it marks the end of the downturn or is a short reprieve. Mr Li said it was too soon to call the end of the downturn. "We haven't seen real demand yet from those infrastructure projects. We don't know in what way those infrastructure projects will become real demand."

但許多分析師和交易員仍不確定這標誌着下降趨勢的結束，還是暫緩下跌。Raymond Li表示，目前說下降趨勢結束還爲時尚早。"我們還未見到來自那些基礎設施項目的真實需求。我們不知道那些基礎設施項目將通過什麼方式變成真實的需求"。

Graeme Train, commodities analyst at Macquarie in Shanghai, pointed out that inventories were high in China's overbuilt steel sector. "The reality is that we haven't fully flushed out all the excess steel yet."

麥格理(Macquarie)駐上海的大宗商品分析師格雷姆•特雷恩(Graeme Train)指出，中國鋼鐵行業產能過剩，庫存很大。"現實情況是，我們迄今還未完全消化所有的過剩鋼材"。