SHFE fuel oil futures drop on weaker crude oil
Shanghai. April 28. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices dropped on April 28 following the retreat of crude oil prices overnight. The most traded July contract closed the session at RMB 43 ($6.30), or 0.90 percent lower at RMB 4,726 ($691.95) per ton.
The June crude oil delivery contract on the New York Mercantile Exchange (NYMEX) sank 1.81 percent, closing at $82.44 per barrel on April 27. Appreciation of the dollar, which hit its highest level against the euro in almost a year, coupled with rising weekly US inventories, shed crude oil prices even lower.
Shanghai fuel oil futures prices sank 0.92 percent on average from April 22 to April 28. The sharp drop in international crude oil prices in the later part of the week weighed on the sentiments of traders for the fuel oil futures in Shanghai.
The following table outlines fuel oil futures traded on the Shanghai Futures Exchange on April 22 and April 28, 2010.
Fuel oil futures trade on the Shanghai Futures Exchange April 22 and April 28, 2010
|Contract||Close on April 22 (RMB)||Close on April 28 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8264 against the renminbi on April 28, 2010