SHFE fuel oil slump on weak crude
Shanghai. July 29. INTERFAX-CHINA - Shanghai Futures Exchange (SHFE) fuel oil prices dropped on July 29 and tracked falling crude oil prices overnight with the most-traded October contract closing the session RMB 82 ($12.01), or 2.15 percent, lower at RMB 3,737 ($547.14) per ton.
The September crude oil delivery contract on the New York Mercantile Exchange (NYMEX) shed 1.68 percent, closing at $67.23 per barrel on July 28 on profit taking following a weeklong price rally.
Shanghai fuel oil futures prices fell by 0.71 percent on average from July 23 to July 29 as a retreat late in the week reversed early week gains.
The following table outlines fuel oil futures trade on the Shanghai Futures Exchange on July 23 and July 29, 2009.
Fuel oil futures trade on the Shanghai Futures Exchange, July 23 and July 29, 2009
|Contract||Close on Jul 23 (RMB)||Close on Jul 29 (RMB)||Change (RMB)||Change (%)|
Source: Shanghai Futures Exchange
Note: The U.S. dollar traded at 6.8314 against the renminbi on July 29, 2009