3. Analysis of factors influencing the market

International gold futures rose continuously at the beginning following the falling US dollar, which was triggered by the US Federal Reserve’s interest rate cut, and the emerging inflation-proof needs of the market, but later fell with the decreasing international crude oil price, which led to the market worries that the possible new round of slump of underlying commodities prices would lead to deflation. Shanghai gold futures climbed with the tendency of domestic spot price. International copper futures fell as a result of the gloomy global economic outlook triggered by US Federal Reserve’s sharp interest rate cuts close to zero interest rate, the tumble of international crude oil price and the increasing copper stock of the London Metal Exchange (LME) up to 320,000 tons. Shanghai copper futures lost with the trimming premium of domestic spot copper. Overshadowed by the crisis of global auto industry, the rising aluminum stock of the LME up to 2.06 million tons, the further implementation of China’s economic stimulus plan and the weakening US dollar, international aluminum futures were in correction. Shanghai aluminum futures went up. International zinc futures fluctuated for consolidation following the falling US dollar, the production reduction of zinc plants worldwide and the news that the zinc stock of the LME went up to 233,700 tons and the global zinc surplus from January to October this year had been 121,000 tons. Shanghai zinc futures climbed with the obvious decline of domestic refined zinc output in November, a result of the production reduction of domestic zinc plants. International rubber futures advanced as last week’s Conference of Rubber Producing Countries launched such measures as cutting down the natural rubber exports and restricting the sale at low prices in 2009, so did Shanghai rubber futures. International crude oil futures continuously fell with a more pessimistic global economic outlook and the increasing stock of US’s crude oil and petroleum products. Shanghai fuel oil rose at the beginning amid the market expectation on the domestic reform of taxation and levies for petroleum products, but later shed with the falling international crude oil price. Zhengzhou wheat futures fluctuated for consolidation, cotton futures fluctuated for consolidation after a gapped opening up, sugar futures fluctuated for consolidation, PTA futures fluctuation upward after a gapped opening up, and rapeseed oil futures were in narrow consolidation after a gapped opening down. Dalian soybean No.1 futures was up, soybean meal futures and soybean oil futures were mixed, corn futures saw a rise in nearer months and drop in deferred