Hopes for a rapid revival in the Chinese economy brought an early hint of spring to commodity markets this week, with gains for base metals and a dramatic rebound in shipping costs.

The Baltic Dry Index, the benchmark for freight costs for dry bulk commodities such as iron ore, coal and grains, jumped 53.5 per cent over the week, helped by signs of a pick-up in Chinese demand for iron ore as steelmakers depleted their inventories.