Silver trading active in first week
By Richard Fu |
May 18, 2012, Friday
|
Print Edition
Print Edition
TRADING in Shanghai's silver futures has been active in the first week as the new contracts offer a tool for producers to hedge risks, according to analysts.
From last Thursday, when the contracts started trading, till yesterday, 2.68 million lots valued at 235.1 billion yuan (US$37.2 billion) were traded, according to the Shanghai Futures Exchange.
That showed "the futures have drawn high attention from participants in the futures and silver industries," said Jiang Shu, an analyst at Industrial Bank.
The most active September contract settled at 5,763 yuan per kilogram yesterday, down 6.54 percent from the week-earlier benchmark price of 6,166 yuan. But this drop followed the tumble in global markets on concern about the worsening financial crisis in Greece.
China's slowing economy is curbing demand to invest in silver, GF Futures analyst Feng Liang said.
From last Thursday, when the contracts started trading, till yesterday, 2.68 million lots valued at 235.1 billion yuan (US$37.2 billion) were traded, according to the Shanghai Futures Exchange.
That showed "the futures have drawn high attention from participants in the futures and silver industries," said Jiang Shu, an analyst at Industrial Bank.
The most active September contract settled at 5,763 yuan per kilogram yesterday, down 6.54 percent from the week-earlier benchmark price of 6,166 yuan. But this drop followed the tumble in global markets on concern about the worsening financial crisis in Greece.
China's slowing economy is curbing demand to invest in silver, GF Futures analyst Feng Liang said.
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