Chinese companies and investors are stepping up their purchases of industrial commodities such as copper in a show of confidence in the global economy that stands in contrast to the turmoil in western markets.

　　中國(guó)企業(yè)和投資者正在加大對(duì)銅等工業(yè)大宗商品的購(gòu)買力度，這體現(xiàn)了他們對(duì)全球經(jīng)濟(jì)的信心，這與西方市場(chǎng)的動(dòng)蕩形成對(duì)比。

　　The wave of buying is providing support for metals and minerals prices after commodities prices fell this month amid worries about a double-dip recession. Senior executives at trading houses, mining companies and banks said Chinese consumers had used the recent drop in prices to rebuild stocks.

　　這波購(gòu)買浪潮正為金屬和礦物價(jià)格提供支持。此前，受人們擔(dān)憂經(jīng)濟(jì)二次探底的因素影響，大宗商品價(jià)格本月出現(xiàn)了下跌。貿(mào)易公司、礦業(yè)公司和銀行的資深高管們表示，中國(guó)消費(fèi)者在利用近期價(jià)格下跌的機(jī)會(huì)重建庫(kù)存。

　　“China is significantly less pessimistic relative to people in the western world,” said Raymond Key, head of metals trading at Deutsche Bank. “On dips they are restocking, especially in copper.” An executive at a large Chinese trading house said: “There is no doubt some traders have been buying [copper] recently.”

　　“中國(guó)明顯沒(méi)有西方人那么悲觀。”德意志銀行(Deutsche Bank)金屬交易主管雷蒙德?凱(Raymond Key)表示：“他們正在借價(jià)格下跌之機(jī)重建庫(kù)存，尤其是銅。”中國(guó)某大型貿(mào)易公司的一位高管表示：“毫無(wú)疑問(wèn)，一些交易員近期一直在買進(jìn)（銅）。”

　　The surge in copper buying benefits the largest exporting nations, including top producers Chile and Peru, and miners such as Freeport-McMoRan Copper?&?Gold, BHP Billiton and Xstrata, and trading houses such as Glencore and Trafigura.

　　中國(guó)大舉買銅，利好各大出口國(guó)，包括主要生產(chǎn)國(guó)智利和秘魯，以及自由港邁克墨倫銅金礦公司(Freeport-McMoRan Copper?&?Gold)、必和必拓(BHP Billiton)和斯特拉塔(Xstrata)等礦業(yè)企業(yè)，嘉能可(Glencore)和托克(Trafigura)等貿(mào)易公司。

　　Copper prices fell to an eight-month low of $8,846 a tonne in early August but have since risen more than 9 per cent to $9,225 on Tuesday.

　　8月初，銅價(jià)跌至8846美元/噸的8個(gè)月低點(diǎn)，但此后回升了逾9%，周二報(bào)9225美元/噸。

　　China accounts for 38 per cent of global copper demand and has the power to almost single-handedly prop up the market even if companies in the west are holding back. Nonetheless, traders warned that Chinese buyers could rapidly step back from the market if they believed prices would fall further.

　　中國(guó)占全球銅需求的38%，幾乎以一己之力就能夠支撐起市場(chǎng)，即便西方企業(yè)退縮不前。不過(guò)，交易員警告說(shuō)，如果中國(guó)買家認(rèn)為價(jià)格會(huì)進(jìn)一步下跌，他們可能迅速撤離市場(chǎng)。

　　The buying from China reverses the trend in the first half of this year when consumers in the country made minimal purchases of metals such as copper, instead running down their inventories as the government’s drive to tighten credit reduced their ability to import. China’s net copper imports in the first seven months of the year were down 37 per cent from the same period in 2010.

　　來(lái)自中國(guó)的購(gòu)買浪潮扭轉(zhuǎn)了今年上半年的趨勢(shì)，當(dāng)時(shí)中國(guó)的消費(fèi)者在消耗庫(kù)存的同時(shí)，只肯買進(jìn)最少量的銅等金屬，因?yàn)檎站o信貸的行動(dòng)降低了他們的進(jìn)口能力。今年前7個(gè)月，中國(guó)的銅凈進(jìn)口量比去年同期下降了37%。

　　Glencore, the world’s largest commodities trader, said so-called bonded warehouses stockpiles had suffered a “significant drawdown”, estimating that stocks had “at least halved” since the beginning of the year.

　　全球最大的大宗商品貿(mào)易公司嘉能可表示，保稅倉(cāng)庫(kù)的庫(kù)存“顯著下降”。該公司估計(jì)，從年初以來(lái)，庫(kù)存“起碼減少了一半”。

　　Demand from China in recent weeks has been buoyed by a jump in the strength of the renminbi, which makes imports cheaper for Chinese traders.

　　近幾周來(lái)，中國(guó)的需求受到了人民幣猛然走強(qiáng)的推動(dòng)。對(duì)中國(guó)的交易員來(lái)說(shuō)，人民幣升值會(huì)使進(jìn)口變得便宜。

　　Moreover, western traders said some large Chinese buyers had been able to access credit more easily, enabling larger purchases, although they cautioned that credit was still tight for smaller companies.

　　此外，西方交易員表示，一些大型中國(guó)買家比較容易獲得信貸，因而有能力擴(kuò)大購(gòu)買力度。不過(guò)他們警告說(shuō)，對(duì)規(guī)模較小的企業(yè)來(lái)說(shuō)，信貸仍然很緊張。