CORRECTED VERSION: SHFE fuel oil futures drop on slump in crude oil
Editor's note: An version of this story filed earlier today contained inaccurate information. The below version is correct.
Shanghai. May 12. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices dropped on May 12 after an overnight decrease in international crude oil prices. The most-traded July contract closed the session at RMB 4,670 ($683.75) per ton, down RMB 1 ($0.15).
The June crude oil delivery contract on the New York Mercantile Exchange (NYMEX) fell by 1.63 percent to close at $76.02 per barrel on May 11 over concerns about the European economy as well as crude oil inventory pressures.
Shanghai fuel oil futures prices dropped by 1.85 percent on average from May 5 to May 12 following a slump in international crude oil market over the same time period due to a weak European economy and a large dip in the international stock market.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on May 5 and May 12.
Fuel oil futures trade on the Shanghai Futures Exchange May 5 and May 12, 2010
|Contract||Close on May 5 (RMB)||Close on May 12 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8284 against the renminbi on May 12, 2010.