"Wang Zheng" may refer to:

* Wang Zheng (singer) (born 1985), female Chinese pop singer

* Wang Zheng (athlete) (born 1987), female Chinese hammer thrower

* Wang Zheng (sport shooter) (born 1979), male Chinese sport shooter

* Wang Zheng (activist), founder of the pro-Bo Xilai Zhi Xian Party

More Wang Zheng on Wikipedia.

Over the Lunar New Year period the LME (copper) rose above $5,000, so from the Chinese point of view they had to close the gap and so Shanghai copper rose.

Prices can hit record highs at any time, but investors want to see room to take profits.

Before the Easter vacation there was short-covering in London as next Wednesday is also the settlement day there, so after the vacation there should be more stop-loss buying.

The sell-off in oil damped demand for some metals yesterday in London and New York. Traders in China are worried there might be a chain reaction of funds selling metals to take profits.

In China, purchases from major consumers, including power cable makers, are still normal at this price level. Buyers are doing futures to hedge price swings and help reduce losses made on the spot market.

For now the rate hike will have mostly a psychological impact on the market. Investors will probably use this as a reason to push prices down before re-entering the market at lower levels.

When spot prices hit 49,000 that affected consumption at first. But that was a month ago ... now people expect prices to pick up. Traditionally in March and April consumption is higher than in January and February.

The extent of the rate hike this time is fairly small. What is more important is whether or not more lies ahead. And even if there are further rate hikes, it is investment that will first be impacted, followed by consumption.