MARKET REVIEW OF THE SGE IN JANUARY 2004

Due to the Spring Festival, there were only 18 trading days in January. The Shanghai Gold Exchange experienced marked shrinking in the turnover of both gold and platinum. The Exchange recorded a total trading value of 2.269 billion yuan, decreasing 32.81 per cent than the previous month. Gold traded stood at 18,599 kilograms, with a value of 2.071 billion yuan. The average daily trading volume of gold was 1,033.28 kilograms. As for platinum, with an average daily turnover of 48.06 kilograms, it secured a trading volume of 865 kilograms valued at 198 million yuan.

Opening the month at 110.80 yuan, Au99.95 closed the month at 107.91, down 3.20 per cent. The weighted average price was 111.30 yuan. The gap between the closing price and the international real time price was between -0.59 to 0.65 yuan this month. Pt99.95 opened the month at 222.38 yuan, and closed at 227.80 yuan, up 2.03 per cent. Its weighted average price was 228.53 yuan, up 7.01 yuan from a month earlier.

As compared with the previous month, the delivered gold volume decreased by 42.67 per cent to 11,033 kilograms; that for platinum was 787 kilograms in January, slumping by 60.43 per cent.

The clients in the SGE reached 503 with 22 new entrants.