China bitumen futures climb on trading debut
SHANGHAI Oct 9 (Reuters) - Bitumen futures on China's Shanghai Futures Exchange opened up more than 3 percent on their trading debut on Wednesday in brisk volumes, reflecting strong investor interest as the bourse lays the ground for the launch of a crude futures contract.
The most-active February contract was up over 3.3 percent in early trade and rose to a high of 4,658 yuan per tonne, versus a base price set at 4,458 yuan a tonne.
Rapidly urbanising China is Asia's largest user of bitumen, also known as asphalt, a heavy tar-like refinery fuel that makes up just under 4 percent of the country's total fuel consumption.
The Shanghai Futures Exchange has said the bitumen futures will also act as a trial run for planned crude oil futures, since both products will require similar clearing, settlement and risk control measures.
The bitumen contract would be restricted to Chinese entities and China-registered wholly foreign-owned enterprises.
The contract has a minimum transaction size of 10 tonnes per lot with a minimum trade margin of 6 percent of contract value. The daily price limit has been set at 4 percent. (Reporting by Fayen Wong; Editing by Joseph Radford)
- Atheists face death in 13 countries, global discrimination: study
- Missouri executes man for killing good Samaritan motorist in 1994
- Focus turns to Thai military, anti-government protesters tell them to pick sides
- Google executives' planes saved millions in costs due to error - NASA
- Apple scores legal victory over Samsung in South Korea