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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
