China import growth boosts global commodity prices

China’s strong import growth figure for December has pushed up commodity prices on global markets, the Wall Street Journal reported. New trade data showed China’s exports grew by 17.7% in December while imports rose 56% as imports of commodities including iron ore, soybeans and crude oil reached record levels. Prices of copper reached US$7,640 per metric ton in London, up 2.4%, while light, sweet crude oil rose 1% to US$83.57 a barrel and gold futures hit a one month high. Analysts caution that China’s hunger for commodities may not be sustainable; speculators are thought to be fueling demand. Optimism surrounding the trade data also boosted global equity prices, with the FTSE World equity index rising to its highest level since September 2008.