亚洲精品久久久久久一区二区_99re热久久这里只有精品34_久久免费高清视频_一区二区三区不卡在线视频

Copper futures shot up to a record for the second day in Shanghai on speculation that demand from wire and cable makers is outpacing supply in China, the world's biggest consumer of the metal.

Manufacturers are buying metal so they can keep operating during the Lunar New Year holiday from January 30 to February 3, speculated traders, including Yuan Fang from Shanghai Dongya Futures Co.

Declining imports and a suspension of government sales have cut supply. Copper futures in Shanghai rose 53 percent in the past year, as demand for pipes and wires in homes and cars outstripped supply in the world's fastest growing major economy.

"Even at this price, you still see continued buying on the spot market," said Wang Zheng, trader at Dalu Futures Co. "Processors had to return to the market to buy copper after the government stopped auctions."

Copper for March delivery rose as much as 520 yuan (US$64.2), or 1.2 percent, to 44,930 yuan (US$5,569) per metric ton. The metal traded at 44,450 yuan (US$5,487) a ton yesterday.

Prices of the metal in London gained 52 percent in the past year as global demand exceeded supply, which was reduced by strikes in North America and an earthquake in Chile. Stockpiles on the Shanghai, London and Comex exchanges are sufficient to meet global demand for less than four days.

Inventories have become increasingly important to fill the gap between supply and demand. Copper supply from mines and recycled scrap will lag behind demand this year by 200,000 tons, according to Credit Suisse First Boston.

Copper has been buoyed by interest from pension and hedge funds, which are seeking better returns than stocks and bonds. Copper rose 40 percent last year in London, while the Standard and Poor's 500 Index of stocks rose 3 percent. US notes and bonds returned 2.8 percent, according to Merrill Lynch & Co.

Funds are investing in commodities through indexes, including the Goldman Sachs Commodity Index. That may increase demand for copper futures by an amount equal to 270,000 tons a year in 2006 and 2007, according to Peter Hollands, managing director of Bloomsbury Minerals Economics Ltd in London.

Metal for immediate delivery in Changjiang, the biggest spot market in Shanghai, rose 50 yuan (US$6.17) to 46,000 yuan (US$5,679) a ton yesterday.

The price includes a 17 percent value added tax and 2 percent import duty. The premium for copper imports was 360 yuan (US$44) a ton over January futures.

"There is speculation that as much as 15,000 tons of copper from Chile and Japan arrived on Monday in Shanghai," Gu Yuan, trader at Star Futures Co, said in a telephone interview. "Increased supply hasn't been able to cool cash prices, which indicates strong buying on the spot market."

(China Daily January 18, 2006)