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Futures trading volume up 65% in August

(Xinhua)
Updated: 2008-09-01 11:12

The trading volume of China futures grew 65 percent in August from the same period last year, led by active business in farm produce.

The trade volume of the country's three futures exchanges hit 6.68 trillion yuan ($975.2 billion) in August, the China Futures Association said on Sunday. It was generated by 125 million contracts, a 54 percent year-on-year growth.

The Dalian Commodity Exchange in the country's northeast, where corn and soybean futures are the most traded, saw its business volume more than double to 2.87 trillion yuan in August, 113 percent up from a year ago.

Transactions increased 85 percent to 1.36 trillion yuan at the central Zhengzhou Commodity Exchanges where wheat, cotton and sugar are mainstays.

The combined value of trade at the two exchanges accounted for 63 percent of the national futures market through August, while their contracts took up 84 percent of the national total.

The robust growth in farm produce futures trading was a reaction to the sharp global price fluctuation. Global wheat prices soared 181 percent over the 36 months leading to February 2008, and overall international food prices rose 83 percent, according to a World Bank report in April.

Business at the Shanghai Futures Exchange, where fuel oil and metals such as gold, copper, zinc are traded, rose 24 percent to 2.45 trillion yuan in August.

In the January-August period, futures trade across the country jumped 117 percent year on year to 48.13 trillion yuan, involving 814 million contracts.

Compared with the well-developed futures markets, China has fewer types of commodities available for futures trading. Pork, steel, crude oil and stock index futures have yet to be introduced into the country's futures market.