Copper, aluminium and lead yesterday hit their highest levels in more than a year, boosted by a combination of strong investor flows, a weaker US dollar and signs of strong economic growth in China and elsewhere in Asia.
JBC Energy, the Vienna-based consultancy, said that the speed at which commodities markets had recovered “from news about Dubai World's delayed debt has been remarkable”.
总部位于维也纳的JBC能源咨询公司(JBC Energy)表示，大宗商品市场“从迪拜世界(Dubai World)暂停还债的消息反弹的速度相当可观”。
On the London Metal Exchange, copper for delivery in three months rose to a 14-month high of $7,170 a tonne. It later pared gains, but still gained 1.2 per cent to $7,145 a tonne.
Copper, the base metals' bellwether, has risen more than 130 per cent this year and is on course to record its biggest annual increase in more than 30 years, according to Reuters data.
“A raft of positive macro-economic data over the past 24 hours is the likely exegesis of the further gains we have seen in metals prices,” said Gayle Berry, a base metals analyst at Barclays Capital.
巴克莱资本(Barclays Capital)的贱金属分析师盖尔•贝瑞(Gayle Berry)表示：“过去24小时内大量积极的宏观经济数据，可能是我们所看到的金属价格进一步上涨的原因所在。”
Aluminium jumped to $2,165.25 a tonne, its highest level since October 2008. It later traded at $2,155 a tonne, up 2.4 per cent on the day.
The rally is forcing some contrarian investors, who bet on a price fall due to large inventories, to capitulate, traders said. Lead prices rose to $2,525 a tonne, their highest level since May 2008. Zinc, nickel and tin also posted gains.
Gold jumped to a fresh record high supported by dollar weakness and strong physical activity, a sign that rich investors were pouring money into gold bars and bullion coins.
Spot bullion rose to an intraday record of $1,216.75 a troy ounce, up more that 1.5 per cent.
Gijsbert Groenewegen, managing director of New York-based precious metal hedge fund Silver Arrow Capital, said: “The momentum in gold will only increase.
纽约贵金属对冲基金“银箭资本”(Silver Arrow Capital)董事总经理海斯伯特•格林尼维根(Gijsbert Groenewegen)表示：“金价的上涨势头只会增强。”
“We will see $1,300-$1,350 an ounce in early 2010.”
The central bank of China warned about a developing bubble in the gold market, playing down expectations that Beijing would buy bullion to diversify its official reserves away from the US dollar. This echoes a broader sentiment in the gold market following the near 40 per cent rise in prices since January.
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