SHFE fuel oil futures drop on weakening crude
Shanghai. November 3. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices fell on Nov. 3 due to profit taking among traders. The most traded 2011 January contract closed the session at RMB 23 ($3.44), or 0.49 percent lower, at RMB 4,687($701.65) per ton.
The December crude oil delivery contract on the New York Mercantile Exchange (NYMEX) rose 95 cents to close at $83.90 per barrel on Nov. 2. A weakening dollar supported crude oil prices over the period amid expectations that the U.S. Federal Reserves will announce a new round of quantitative easing (QE) to stimulate economic growth and reduce unemployment.
Shanghai fuel oil futures prices were 1.15 percent higher on average from Oct. 28 to Nov. 3.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on Oct. 28 and Nov. 3, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange Oct.28 and Nov. 3, 2010
|Contract||Close on October 28(RMB)||Close on November 3(RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.68 against the renminbi on Nov. 3, 2010