SHFE fuel oil futures up slightly on stronger crude
Shanghai. July 7. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices were moderately higher on July 7 following the rebound of crude oil prices overnight. The most traded September contract closed the session RMB 4 ($0.59), or 0.09 percent higher, at RMB 4,273 ($644.05) per ton.
The August crude oil delivery contract on the New York Mercantile Exchange (NYMEX) grew 0.36 percent, closing at $71.98 per barrel on July 6.
However, the NYMEX crude oil futures dropped heavily early last week due to renewed concerns over a double-dip recession after both the U.S. and China reported disappointing economic figures.
Shanghai fuel oil futures prices sunk 0.76 percent on average from July 1 to July 7, following the plunge of crude oil prices during that period.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on July 1 and July 7, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange July 1 and July 7, 2010
|Contract||Close on July 1 (RMB)||Close on July 7 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.78 against the renminbi on July 7, 2010