The prices of ferrous metals in China saw a big rise in October due to increasing domestic demand and soaring prices on the international market, China Securities Journal said on Monday.

The report said the prices in October was 4.5 percent higher than the previous month, quoting data from the Marketing Department of the Ministry of Commerce.

In October, copper price rose 5.6 percent year-on-year, and the prices of aluminium and zinc went up 6.8 percent and 4.6 percent respectively over September.

Analysts attributed the price hike to speculative funds.

Speculators, they said, showed interest in the ferrous metal market, as the prospects of investment in the markets of stock, foreign exchange and real estate look groom in China.

Besides, China's slump steel market, which is under State macro-control and regulation, and declining oil prices also prompted speculators to explore new investment channels.

Source: Xinhua