FUTURES MARKET IN NOVEMBER 2002

In the first half of November, the world metal market wandered within a narrow range around the bottom due to slack demands. In the second half, it gained sharply since the world biggest copper producer Codelco of Chile announced that it would keep its production cut plan. On this rosy news, Shanghai metal markets were all smiles. At the end of the month, the most active copper 0304 gained RMB 1,140 yuan to 16,560 yuan, and the most active aluminum gained RMB 650 yuan to 14,170 yuan. Shanghai rubber futures also benefited from better fundamental changes. The most active rubber contract 0303 ended at RMB 10,520 yuan, up 720 yuan. The market is waiting for fresh market news.