MARKET REVIEW IN JANUARY 2002

Encouraged by the promising economic upturn in 2002 and a cut in production, international copper price went up but not without some resistance. As in the past, Shanghai copper futures followed the international price trend, while all contracts gained between 370 to 560 yuan for the month. The most active contract 0206 closed at 15760 yuan, up 470 yuan, with open interest obviously increased. Shanghai aluminum futures also went up earlier this month under the influence of the copper and aluminum market abroad. However, it soon withdrew from its peak and closed at more or less at the same level when it opened. All contracts gained no more than 140 yuan, except that 0201 lost 100 yuan. And the most active 0205 closed at 13540 yuan per ton, with 40 yuan up. Shanghai rubber futures kept sluggish. However, it did gain 200 to 355 yuan because of the international production cut, among which 0204 ended up 200 yuan at 6850 yuan.