MARKET REVIEW OF THE SHFE IN APRIL 2003I

In April, the copper futures price of the SHFE moved in a broadened range, gaining ground at the end of the month. Even though the end of Iraq war lent some support to the market, the overseas copper price was strongly affected by the spread of SARS and uncertainty over U.S. economic recovery. Throughout the month the copper price fluctuated between US$1,580 and US$1,630 per ton. The most active contract 0309, after fluctuating between 16,040 and 16,890 yuan, closed the month at 16,570 yuan per ton, up 90 yuan over the end of last month. Other key contracts gained 80 yuan to 720 yuan at the end of April.

The aluminum futures price of the SHFE tracked the international price, which remained between US$1,330 and US$1,370 per ton. After moving in a range of 14,030 to 14,410 yuan, the most actively traded contract 0308 ended the month at 14,370 yuan per ton, up 210 yuan over the end of last month. Other key contracts went up 230 to 520 yuan.

The Asian rubber futures price dropped sharply in April, as the SARS-plagued market was influenced by expectations of a demand drop in China and a production increase from such major producers as Thailand. Affected by the neighboring market and the eased domestic tough-supply situation, the SHFE natural rubber futures also tumbled this month. The most active contract 0307 moved in a range of 11,115 to 14,515 yuan, ending the month at 11,530 yuan per ton plummeting 2,515 yuan from the end of the previous month. Other key contracts registered a decrease of 1,875 to 3,630 yuan.