SHFE fuel oil futures dip on weakening crude
Shanghai. October 27. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices dropped on Oct. 27 following the weakening crude oil overnight. The most traded January contract closed the session at RMB 83 ($12.41), or 1.76 percent higher at RMB 4,635 ($692.83) per ton.
The December crude oil delivery contract on the New York Mercantile Exchange (NYMEX) sank 47 cents to close at $82.08 per barrel on Oct. 26. Speculation over rising US oil inventories and a strengthening dollar shed the NYMEX crude oil futures.
Shanghai fuel oil futures prices were 0.15 percent higher on average from Oct. 21 to Oct. 27 as the National Development and Reform Commission (NDRC), China's state economic planner, raised the domestic fuel prices on Oct. 26.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on Oct. 21 and Oct. 27, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange October 21 and October 27, 2010
|Contract||Close on October 21(RMB)||Close on October 27 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.69 against the renminbi on October 27, 2010