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 copper¹, 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 cocktail² of factors: strong Chinese and global demand, constrained³ supplies, low levels of metal stockpiles and heightened financial speculation⁴.

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.