MARKET REVIEW IN AUGUST 2002

In August, SHFE copper futures fluctuated between RMB 14,500 and 15,400 yuan per ton, caused by the lack of impetus from fresh news and weak demand in the summer and overshadowed by a gloomy outlook for the recovery of the USA economy. The most active contract 0301 closed at the end of the month at RMB 15,170 yuan, down RMB 300 yuan from the end of last month. Other key contracts finished down RMB 160 to 340 yuan.

After it had breached the key psychological level of RMB 13,000 yuan per ton following in step with the copper market, SHFE aluminum futures were boosted by short-covering and bargain-hunting. The most active contract 0211 closed at RMB 13,320 yuan, up RMB 160 yuan from the end of last month. Other key contracts ended RMB 50 to 400 yuan higher.

SHFE crude rubber futures continued its legend this month, supported by supply shortage and buying. The most active contract 0211 closed at RMB 9,880 yuan, up sharply RMB 940 yuan from the end of last month. Other key contracts ended RMB 595 to 1195 yuan higher.