Bitumen futures end with a bang
Print Edition
China’s bitumen futures ended higher on their market debut yesterday in active trading as investors welcomed the new hedging tool seen as precursor for the launch of the long-awaited crude oil futures.
The most-active February bitumen contract settled 0.4 percent higher at 4,476 yuan (US$730.90) per ton on the Shanghai Futures Exchange yesterday, after rising to an intra-day high of 4,658 yuan.
There is strong demand from bitumen producers, traders and users in China for such a financial tool to hedge against price volatility, said Li Shousheng, executive vice chairman of the China Petroleum and Chemical Industry Federation. Demand for bitumen, a sticky, tar-like form of petroleum used in road building, is set to rise rapidly in China amid urbanization.
The new contracts are seen as a prelude to the launch of China’s crude futures in Shanghai because they have similar clearing and settlement needs.
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