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| Turnover in Futures Market Exceeds 2.4 Trillion Yuan |
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In the first 11 months this year turnover in China's futures market exceeded 19 trillion yuan (US$2.4 trillion). This is up 58 percent on the same period of 2006. Figures from the China Futures Association show more than 403 million transactions on the futures market in the past 11 months. This is a rise of 41 percent. November saw a particularly sharp rise with more than 56 million transactions. This is 85 percent up on last November. The growth is attributed to a bullish agricultural products market -- in particular corn, soybeans and wheat. The number of corn transactions exceeded one million for the first time on November 10 and rose to a record 1.65 million on November 27 with futures prices soaring by 9 percent from 1,516 yuan (US$193.6) to 1,649 yuan (US$210.6) per ton. One of China's three major futures markets, the Shanghai Futures Exchange, saw a turnover of 1.1 trillion yuan (US$140.5 billion) in November. This accounted for 50 percent of the national total. The total turnover of the Shanghai Exchange rose 95 percent year-on-year to 11.5 trillion yuan (US$1.47 trillion) in the first 11 months. Established in 1999 the commodities traded on the Shanghai market are copper, aluminium, rubber and fuel oil. The Dalian Commodity Exchange saw 214.5 million transactions, up 41 percent, as the value of deals rose to 4.67 trillion yuan (US$596.5 billion). This is a rise of 12 percent. The Dalian Exchange, the largest futures market for agriculture goods, deals in corn, soybeans and bean oil. The Zhengzhou Commodity Exchange saw turnover rise 47 percent year-on-year to 2.9 trillion yuan (US$370 billion) in the past 11 months. (Xinhua News Agency December 4, 2006) |
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