SHFE fuel oil futures drop on profit-taking
Shanghai. August 4. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices fell due to profit-taking among traders on August 4 despite strengthening crude oil prices overnight. The most traded September contract closed the session RMB 19 ($2.81), or 0.42 percent lower at RMB 4479 ($661.60) per ton.
The September crude oil delivery contract on the New York Mercantile Exchange (NYMEX) rose 1.29 percent, closing at $82.39 per barrel on August 3.
NYMEX crude oil futures climbed to a three-month high of over $82 a barrel this week thanks to a weakening dollar and the anticipation of falling U.S. crude oil inventories.
Shanghai fuel oil futures prices rose 2.85 percent on average from July 29 to August 4, as traders tracked the growth of crude oil prices during that period.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on July 29 and August 4, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange July 29 and August 4, 2010
|Contract||Close on July 29 (RMB)||Close on August 4 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.77 against the renminbi on August 4, 2010