SHFE fuel oil futures up on stronger crude prices
Shanghai. November 5. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices inched up on Nov. 4 with the most-traded January contract closing the session RMB 15 ($2.20), or 0.37 percent, higher at RMB 4,078 ($597.07) per ton.
The December crude oil delivery contract on the New York Mercantile Exchange (NYMEX) rose 2.50 percent to close at $79.48 per barrel on Nov. 3, extending the rally of the previous week.
Shanghai fuel oil futures prices rose 0.70 percent on average from Oct. 29 to Nov. 4. Analysts believe that an upward trend in crude oil prices will support China's fuel oil futures prices.
The following table outlines fuel oil futures trade on the SHFE on Oct. 29 and Nov. 4, 2009.
Fuel oil futures trade on the SHFE, Oct. 29 and Nov. 4, 2009
|Contract||Close on Oct 29 (RMB)||Close on Nov 4 (RMB)||Change (RMB)||Change (%)|
Note: The U.S. dollar traded at 6.8280 against the renminbi on Nov. 4, 2009.