MARKET REVIEW IN JULY 2002

In July, the metal market both home and abroad suffered a great downturn. This was caused by weak metal demand in the summer holiday and sluggish international stock markets shadowed by America's successive accounting scandals. SHFE three-month copper 0209 opened at RMB 16,300 yuan and closed at RMB 15,110 yuan, losing RMB 1,110 yuan with a remarkable shrink in balance. The three-month aluminum futures also experienced a decrease in balance, and a loss of RMB 280 yuan from RMB 13,460 yuan to RMB 13,150 yuan. Because of the dumping of crude rubber by Thai government and the postponed foundation of Tripartite International Rubber Organization, SHEF crude rubber futures dropped sharply. Three-month rubber futures closed at RMB 8,855 yuan, down RMB 585 yuan from the opening price of RMB 9,530 yuan.