Some signs have emerged to suggest China's infrastructure...

Some signs have emerged to suggest China's infrastructure spending drive is feeding through into the real economy such as a pick up in electrical wire fabrication and rising grid spend, said UBS analyst Lachlan Shaw in Melbourne.
"There are some encouraging signs for infrastructure but I wouldn't say it's broad based or sustaining yet. You've had a retreat in property sales and the first read that we're going to get on China activity this year will be early to mid-March. April-May is when the seasonal uptick may come through."
Shanghai exchange copper stocks surged 14.8 percent to the highest on record as traders dumped surplus stocks after the gap between local and LME prices favoured imports in December.
"If you look at the seasonality, that happens every year. They're just stocking up for the strong demand season from March to June," Bielski said.
Zinc CMZN3 gained 1.8 percent to $1,727 a tonne, the highest in a week, after signals that closures of major mines were creating shortages of semi-processed concentrate.
Chinese zinc refineries have agreed to take sharply lower fees for processing raw material into metal due to less availability of concentrate, industry sources said.
Lead CMPB3 also snapped back by 1.2 percent to $1,746, reversing losses earlier in the week after big inflows to LME warehouses.
LME nickel CMNI3, up 0.6 percent to $8,400 a tonne, was the top performer in base metals this week with a bounce back of more than 7 percent as China buyers sought to import more metal to put on financing deals after prices were heavily sold over Lunar New Year.
PRICES
Three month LME copper CMCU3
Most active ShFE copper SCFcv1
Three month LME aluminium CMAL3
Most active ShFE aluminium SAFcv1
Three month LME zinc CMZN3
Most active ShFE zinc SZNcv1
Three month LME lead CMPB3
Most active ShFE lead SPBcv1
Three month LME nickel CMNI3
Most active ShFE nickel SNIcv1
Three month LME tin CMSN3
Most active ShFE tin SSNcv1

($1 = 6.5163 Chinese yuan)

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