commodity prices up overnight

I posted this on the commodities thread this morning and Gondwana's drilling campaign in the Pilbara has copper as one of the multi resource targets which from a commodity perspective, if the drilling confirms what the rock chip samples are revealing, places Gondwana in the copper commodity market as the resource is identified.....
the iron-ore is less impacted by the current market sentiment from a confidence perspective but the other resource targets of Gondwana if JORC tonnage is identified, are more than likely to be influenced ( from a share price perspective) by commodity prices. Gondwana is not currently impacted on from a positive or negative commodity price point of view.
The post...
An extract from comsec today, craig james, morning report, brings good news which signals a continuation of china's insatiable growth and good news for australian explorers/miners.....

...."Base metal prices posted solid gains on the London Metal Exchange as investors reacted to positive economic news from China. Chinese retail sales rose by a record 23.3pct in the year to July. Nickel rose 8pct with copper up 4pct. The price of gold was also firmer, in line with other commodities, especially oil. The most active December Comex gold contract rose by US$16.90 an ounce or 2.1pct to US$831.50."......

Is the over sold position of most Australian explorers about to turn ? Those with cash to buy at current depressed prices are in an enviable position. Selling will probably continue and as posted previously on some of the company threads, when everyone is selling, longer term investors buy and vice- versa.
In particular, copper inventories have increased but the price is so low there is a fine line in timing the buy back into copper stocks. Timing is paramount even with the volatility expected to continue until world commodity prices show consistent upward momentum.
A 23% increase in the retail sales in China for the year to July is historically part of the new world demand that has not been experienced before. Many analysts are in new territory and struggling to come to grips with the long term significance of the china phenomenon. The negative performance of the institutions and super funds is testament to the difficulty they are experiencing in coming to grips with the changes in the international impact of china. The American economy continues to look to be in trouble but the China reality is that they will long term, be the leading influence on world markets more so than the traditional lead from the U.S.
Commodities represent excellent value following the sell down over the last month or so.
Gold showing a small bounce (up $14 at $826), oil likely to go to $1 (short term) and the U.S. to report ongoing economic trouble from my perspective.
The sheer scale of what's happening in China will be good for Australia resources long term and the increase in retail sales is something that the world markets would be remiss in not taking note of. 23% in a small economy is insignificant but 23% in a country with the population that China has is historically very significant. Their move to an increasingly western lifestyle is only just beginning.