The volume of commodities futures traded in China during January was nearly triple the year-earlier level at 236.5 million lots, led by active trading in base metals, the China Futures Association said Monday.
Volumes have been high recently due to speculative and hedging trades prompted by rising prices and lucrative arbitrage opportunities for many commodities, but the association didn't provide reasons for the changes in volume.
January's volume was down 14% compared with December 2009, it said.
On the Shanghai Futures Exchange, where copper, aluminum, zinc, rebar, wire, gold, natural rubber and fuel oil futures are traded, total January trading volume rose 137% to 85 million lots, but fell 10% from the previous month.
One lot is equivalent to five metric tons for most commodities on the exchange. For rebar, wire and fuel oil futures, one lot equals 10 tons. For gold futures, one lot is equivalent to one kilogram.
On the Dalian Commodity Exchange, where soybean, soymeal, soyoil, corn, palm oil and linear low-density polyethylene futures are traded, January turnover surged 109% to 68 million lots, but eased 35% from December. One lot equals 10 tons on the exchange, except for linear low-density polyethylene futures, for which one lot equals five tons.
On the Zhengzhou Commodity Exchange, where cotton, rapeseed oil, wheat, sugar, rice and purified terephthalic acid futures are traded, trading volumes increased nearly fourfold to 83.4 million lots in January, and were up 8.7% versus December.
One lot equals five tons on the Zhengzhou Commodity Exchange, except for wheat, sugar and rice futures, for which one lot equals 10 tons.
(Source: irco.biz)
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