The five-year commodity price boom that has catapulted metal, energy and some agricultural prices to record highs continued on Monday and is set to extend further, according to investors, mining groups and sector analysts.

Commodities – from copper and zinc to orange juice and refined sugar – reached fresh nominal highs last week. But, instead of signalling a top of the market, hedge funds and some mining executives believe prices have further to rise because they remain far from their highs in real price terms.