中国基建计划提振铜和铁矿石价格

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.

中国上周宣布的1580亿美元基础设施建设计划推动工业金属价格继续攀升，铜价和铝价触及四个月高点。

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.

在过去几个月里因中国需求放缓而大幅下跌的基准铁矿石价格，自上周五以来上涨逾7%。由于中国政府计划投入大量资金发展铁路、高速公路和水处理设施，市场的乐观情绪开始蔓延。

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.

伦敦金属交易所(LME)三个月期铜价格上涨1%，至每吨8066美元。铝价上涨1.9%，至2057.25美元。价格信息提供机构普氏能源资讯(Platts)的数据显示，在中国交货的基准铁矿石（含铁量62%）价格飙升至每吨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.

铁矿石是主要钢铁生产原料，对矿业公司的利润非常关键。矿业公司的股价上涨。巴西矿业公司淡水河谷(vale)上涨逾5%。力拓(Rio Tinto)上涨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.

航运投资者服务公司(Freight Investor Services)的Raymond Li表示，中国基础设施支出的前景引发了新加坡铁矿石掉期市场的反弹。航运投资者服务公司是中国最大的铁矿石掉期交易经纪商。

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."

但许多分析师和交易员仍不确定这标志着下降趋势的结束，还是暂缓下跌。Raymond Li表示，目前说下降趋势结束还为时尚早。"我们还未见到来自那些基础设施项目的真实需求。我们不知道那些基础设施项目将通过什么方式变成真实的需求"。

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."

麦格理(Macquarie)驻上海的大宗商品分析师格雷姆•特雷恩(Graeme Train)指出，中国钢铁行业产能过剩，库存很大。"现实情况是，我们迄今还未完全消化所有的过剩钢材"。