2007年11月上海期货交易所市场综述

MARKET REVIEW OF THE SHANGHAI FUTURES EXCHANGE IN NOVEMBER 2007

铜：11月，国际铜价大幅下挫，月末小幅反弹。伦敦金属交易所（LME）因铜库存上升、欧美股市持续大跌、市场担忧美国经济放缓以及中国的消费买盘迟迟未出现等诸多利空因素影响，LME三个月期铜一路大幅下跌，月末在欧美股市反弹及美国降息预期升温的利好支撑下，逐级回升，LME三个月期铜29日收报6880美元（单位吨，下同，另注明的除外），较上月末收盘下跌840美元。波动区间为6510～7690美元。11月上中旬，因市场预期宏观调控力度将加大而担忧铜需求放缓、国内精铜产量激增等原因，上海期铜连续重挫；下旬在国内库存大幅减少、现货供应趋紧、现货开水大幅上升的利好推动下，铜价大举放量反弹，主力0802合约月末收报58140元，较上月末跌7130元，波动区间为51710～65400元，其他主要合约的跌幅在4600～8190元之间。全月成交大幅放量至459．86万手，成交金额亦同步放大至13187．51亿元，月末持仓量增至204602手，较上月末激增73282手。

In November 2007, international copper price slumped before rebounding slightly atthe end of the month. The three-month LME copper futures moved between US$6,510 and US$7,690, and closed November at US$6,880, down US$840 from end-October. In the first 20 days of November, Shanghai copper futures experienced continuous losses; in the last 10 days of the month, the price rallied energetically. The most active copper contract 0802 on the SHFE closed November at 58,140 yuan, losing 7,130 yuan from the previous month.