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Futures trading volume up 148% in 1st half
(Xinhua)
Updated: 2008-07-02 16:26 China's futures market witnessed a sharp increase in trade volume in the first half, led by an active trade in farm products,including sugar, soybeans, and corn. The trade volume hit 35 trillion yuan ($5.12 trillion), an increase of 142 percent over the first half last year, according to figures released Tuesday by the China Futures Association. Futures markets nationwide realized 577 million contracts in the first six months, up 148 percent. Market analysts attributed the increase to an improving domestic market environment, as well as fluctuating domestic farm product prices caused by surging grain prices in the world market and China's severe winter weather earlier this year. At the Shanghai Futures Exchange (SHFE), where metals such as gold, copper and zinc are mainly traded, the trade volume in the first six months totaled 14 trillion yuan, up 36 percent. Zhengzhou Commodity Exchanges (ZCE), where farm produce such as wheat, cotton and sugar are mainly traded, saw a trade volume of 7.49 trillion yuan, an increase of 450 percent. Dalian Commodity Exchange (DCE)'s trade volume totaled 13.49 trillion yuan in the first half, up 381 percent. The major trading products of DCE include corn and soybeans. In terms of market share, the trade volume of the SHFE accounted for 48 percent, the ZCE 21 percent and the DCE 31 percent of China's total in June. The introduction of zinc and palm oil futures last year had enriched the market and the long awaited gold futures, in particular, had greatly boosted turnover, traders said. Compared with the well-developed commodity market, the Chinese futures market is much weaker, with few types of contracts available. Futures trading of pork, steel, crude, silver and lead are expected to be introduced to the market, said Yu Junli, research director of Green Futures. "We are also expecting the introduction of the stock index futures this year," he said. (For more biz stories, please visit Industries)
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