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China's futures markets witness active trading
Source: Xinhua |
January 5, 2009, Monday
|
Print Edition
Print Edition
CHINA'S futures trading volume reached a record high of 71.9 trillion yuan (US$10.5 trillion) in 2008, a surge of 76 percent year on year, the China Futures Association said over the weekend.
It said 1.36 billion contracts were traded, a jump of 87 percent.
The most active contracts were for sugar in Zhengzhou, soybeans and soybean meal in Dalian and copper and natural rubber in Shanghai.
Trading in gold futures, the only new product launched in 2008, hit 1.49 trillion yuan in less than 12 months.
The Dalian Commodity Exchange in Liaoning Province in the northeast, where corn and soybean futures are most actively traded, saw transaction value soar 130 percent to 27.5 trillion yuan.
The value jumped 163 percent to 15.6 trillion yuan at Zhengzhou Commodity Exchange where wheat, cotton and sugar are the mainstays.
Trading at the Shanghai Futures Exchange, where fuel oil and metals such as gold, copper, zinc are traded, rose 25 percent to 28.9 trillion yuan.
More industrial companies entered the market to manage risks caused by sharp price fluctuations during 2008, according to the association.
Volatility in major commodities amid a global financial crisis drew more speculative capital and increased demand for futures as a form of risk management. Commercial banks and other financial institutions had also become more interested in futures trading because of the launch of gold futures and the preparation for stock futures.
It said 1.36 billion contracts were traded, a jump of 87 percent.
The most active contracts were for sugar in Zhengzhou, soybeans and soybean meal in Dalian and copper and natural rubber in Shanghai.
Trading in gold futures, the only new product launched in 2008, hit 1.49 trillion yuan in less than 12 months.
The Dalian Commodity Exchange in Liaoning Province in the northeast, where corn and soybean futures are most actively traded, saw transaction value soar 130 percent to 27.5 trillion yuan.
The value jumped 163 percent to 15.6 trillion yuan at Zhengzhou Commodity Exchange where wheat, cotton and sugar are the mainstays.
Trading at the Shanghai Futures Exchange, where fuel oil and metals such as gold, copper, zinc are traded, rose 25 percent to 28.9 trillion yuan.
More industrial companies entered the market to manage risks caused by sharp price fluctuations during 2008, according to the association.
Volatility in major commodities amid a global financial crisis drew more speculative capital and increased demand for futures as a form of risk management. Commercial banks and other financial institutions had also become more interested in futures trading because of the launch of gold futures and the preparation for stock futures.
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