As canaries in coal mines go, mining shares tend to be reliable harbingers of a sell-off in industrial commodities in a downturn. But although London-listed mining stocks sold off heavily in July and August, falling by almost 25 per cent, commodity prices have not uniformly followed them lower. The Dow Jones-UBS industrial metals index is at a 12-month low, and copper is at its lowest in 10 months on fears of a eurozone and US slowdown. But iron ore and coal prices remain firm. It is not yet time to call the end of the cycle.
在煤矿里用金丝雀来预警的时代已经过去，矿业股正成为manbetx20客户端下载 下滑时工业用大宗商品是否会遭抛售的可靠预兆。不过，虽然伦敦股市的矿业股今年7月和8月遭到猛烈抛售，价格下挫将近25%，但工业用大宗商品的价格却并未齐刷刷地应声下跌。由于市场担忧欧元区和美国manbetx20客户端下载 放缓，道琼斯-瑞银工业金属指数指数(Dow Jones-UBS industrial metals index)目前处在12个月以来的低位，铜价也处在10个月以来的低位。但铁矿石和煤炭价格仍保持稳定。现在还不能认为大宗商品周期已到终点。