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Trading volume at Shanghai Futures Exchange rise 156%

Annual data from the Shanghai Futures Exchange (SFE) showed a year-on-year increase in fuel oil futures trading. Oil trading rose by 137.15% year-on-year in 2008 to RMB2.02 trillion (US$295.6 billion), records show. Trading volumes also jumped 156.65% to 61.62 million lots in 2008. Physical delivery volume of fuel oil futures was 17,590 lots, amounting to a total of RMB730 million (US$106.83 million). Meanwhile, China said it will launch crude oil, gasoline and diesel fuel futures in Shanghai, but no exact timetable has been announced. The launch of new oil and chemical products in the futures exchange will help create benchmark prices for staple commodities in the Asia-Pacific region, government officials said. (June 3, 2009)