MARKET REVIEW IN JUNE 2002

In early June, LME three-month copper futures surged to US$1,706, stimulated by the announcement from the world mining giant BHP Billiton of reduction in copper production in Chile, and then fell to US$1,633 brought about by fund selling and weak USA stock markets. At the end of June, copper futures recovered to US$1,687, spurred by encouraging USA economic data, up US$27 from US$1,660 at the end of May. The SHFE copper futures followed in suit of LME copper, with its benchmark contract 0211 closing at 16,510 yuan, up 30 yuan from the end of May. Forward contract 0302 rose 750 yuan, and other contracts closed 0 to 140 yuan higher.

LME aluminum futures closed at US$1,388.5, down US$8.5 from US$1,397 at the end of May. The SHFE aluminum benchmark 0210 closed at 13,460 yuan, down 110 yuan from the end of May. Other contracts finished 40 to 260 yuan lower.

The SHFE crude rubber futures tended to be active, key contract 0210 closed at 9,415 yuan, up 980 yuan from the end of May.