SHFE fuel oil prices decline on dip in crude
Shanghai. August 5. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices dropped on Aug. 5, tracking crude oil prices overnight, with the most-traded November contract closing the session RMB 11 ($1.61), or 0.28 percent, lower at RMB 3,931 ($575.55) per ton.
The September crude oil delivery contract on the New York Mercantile Exchange (NYMEX) shed 0.22 percent to close at $71.42 per barrel on Aug. 4 on profit taking following a price rally in the early part of the week.
Shanghai fuel oil futures prices rose by 3.25 percent on average from July 30 to Aug. 5 as crude oil prices rose over the period on the falling value of the U.S. dollar.
The following table outlines fuel oil futures trade on the Shanghai Futures Exchange on July 30 and Aug. 5, 2009.
Fuel oil futures trade on the Shanghai Futures Exchange, July 30 and Aug. 5, 2009
|Contract||Close on Jul 30 (RMB)||Close on Aug 5 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8306 against the renminbi on Aug. 5, 2009.