MARKET REVIEW IN FEBRUARY 2002

In February, copper futures fluctuated within a range under pressure from the uncertainty of the world economy and increasingly stock of copper in LME, COMEX and SHFE. The most active contract July 2001 closed at 15,860 yuan per ton at the end of February after fluctuating in a range from 16,340 to 15,750 yuan, slightly down 30 yuan compared with the end of January. Other major contracts decreased 20 to 70 yuan.

The aluminum futures followed suit. In February, the most active contract June 2001 ended up with 13,530 yuan per ton, down 80 yuan compared to the end of January. Other major contracts declined 80 to 220 yuan.

Short-covering supported the crude rubber futures. The major contract of crude rubber May 2001 rebounded up 350 yuan to 7,180 yuan per ton. Other contracts rose 35 to 130 yuan.