MARKET REVIEW OF THE SHANGHAI FUTURES EXCHANGE IN NOVEMBER 2004

In November, the international copper market went up in fluctuation, supported by weak dollar, solid demand and inadequate spot supply. The SHFE copper market moved violently with upward price and active transactions. The most active copper contract 0501 gained 3640 yuan from the end of October to close November at 30,260 yuan per ton. Other key contracts on the SHFE ranged from 1,330 yuan to 4,100 yuan up.

The international aluminum futures price followed a V-shaped path, and the SHFE aluminum futures prices showed a weak tone. The most active contract 0501 registered a month-close of 15,940 yuan per ton, losing 30 yuan from one month before. Other key contracts on the SHFE ranged from 1240 down to 230 yuan up.

The TOCOM rubber market had an ailing month with the price dropping. Shanghai rubber market was dull in November, and the turnover and position hovered around a low level. The most active rubber contract 0503 lost 480 yuan from the end of last month to end November at 12,735 yuan per ton. Other key contracts on the SHFE ranged from 100 yuan to 840 yuan down, except the ru0509 up 405 yuan.

The international oil price reached a two-month low at US$46 a barrel this month before it picked up to US$50 and fared stable. As compared with October, Shanghai fuel oil futures trading was on a weaker tone, with the turnover and position shrinking markedly. The most active contract 0501 moved in the range of 2,136/2,263 yuan a ton, and closed the month at 2,172 yuan a ton, up 6 yuan month-on-month.