Copper prices sank below $6,500 a tonne to a near four-year low yesterday as fears mounted over the Chinese market.

铜价昨日跌破每吨6500美元的水平，至近4个月低位。各方对中国市场的担忧加剧。

In frenetic afternoon trading, prices tumbled more than 2.5 per cent to a low of $6,470. Since Thursday, copper for three month delivery on the London Metal Exchange has tumbled by nearly $600, or 8.9 per cent.

在下午狂热的交易中，铜价大跌逾2.5%，至每吨6470美元的低位。自上周四以来，伦敦金属交易所(LME) 3个月期交货铜价暴跌近600美元，跌幅达8.9%。

The fall was sparked by China’s first corporate bond default on Friday. Copper has become an increasingly popular source of collateral for Chinese traders, who can obtain dollar loans and profit from interest rate arbritage. As a result, copper imports have rocketed recently, with much of the stock put into warehouses rather than into factories.

铜价大跌源于上周五发生的中国第一起公司债券违约事件。中国交易商越来越多地把铜作为抵押品，由此获取美元贷款，然后进行套利交易。结果，近期铜进口量快速增加，但很大一部分进入仓库而非工厂。

If the deals were to unwind, vast amounts of metal would pour into an already well-supplied market. China accounts for 40 per cent of global copper consumption, but demand in the physical market has been weak this year. Yesterday’s reported suspension of trading of Baoding Tianwei Baobian Electric Co. bonds and shares on the Shanghai exchange, due to rising losses, added to the jitters, said Stephen Briggs, an analyst at BNP Paribas.

如果交易商把铜卖出，则会有巨量的铜被倾注到原本供应十分充足的市场。中国占到全球铜消费量的40%，但今年实物市场的需求一直低迷。法国巴黎银行(BNP Paribas)分析师史蒂芬•布里格斯(Stephen Briggs)表示，昨日媒体报道所称的保定天威保变电气股份有限公司(Baoding Tianwei Baobian Electric Co.)由于亏损上升，已被上海证券交易所暂停其债券和股票的交易，加剧了市场的紧张情绪。

“The market is worried about what could happen in China, since financing deals have now become much less attractive,” he said.

他说：“由于如今融资协议的吸引力大为减弱，市场对中国接下来会发生什么感到担心。”

Iron ore has been hit hard by China worries in recent days. But BHP Billiton and Rio Tinto have dismissed concerns over slowing demand for steel from China and a slump in iron ore prices as temporary, saying they anticipate continued strong steel demand over the next 10 years. “Our view that Chinese crude steel production is expected to peak at 1.1bn tonnes around 2025 is unchanged,” said Jimmy Wilson, BHP’s iron ore president.

近日来，铁矿石市场受到中国担忧的严重打击。但必和必拓(BHP Billiton)和力拓(Rio Tinto)对中国钢材需求增长放缓和铁矿石价格大跌引起的担忧不以为然，认为那只是暂时现象。它们表示，预计未来10年中国的钢材需求将维持在很高的水平。必和必拓负责铁矿石业务的总裁吉米•威尔逊(Jimmy Wilson)表示：“我们仍预计，到2025年前后，中国粗钢产量将达到11亿吨的峰值水平，这一观点没有改变。”

The upbeat message came as iron ore prices hit an 18-month low on Monday. Benchmark iron ore delivered into China sank 8.3 per cent to $104.70 a tonne – the second-biggest one-day percentage fall on record – according to the Steel Index price reporting agency. Yesterday, the benchmark price rose to $104.90.

这一乐观看法传出之际，本周一铁矿石价格跌至18个月低位。价格报告机构钢铁指数(Steel Index)数据显示，发往中国的基准铁矿石价格下跌了8.3%，至每吨104.7美元，创下有记录以来第二大单日跌幅。昨日，基准铁矿石价格升至每吨104.90吨。

Iron ore prices in China have come under pressure as mills that opened three-month letters of credit in December to tide themselves over during end-of-the-year credit tightness sold stock to repay loans.

在中国，铁矿石价格近期承压。这是因为在12月为了撑过年末信贷紧缩而开具90天远期信用证的工厂开始出售库存，以偿还贷款。

These sales, plus ample amounts of iron ore at Chinese ports, have weakened new orders.

工厂出售存货，加上中国各港口铁矿石进口量充足，导致新订单数量减少。