April 7, 2009
Tuesday: China soy futures settle up on metals, external markets
China's soybean futures traded on the Dalian Commodity Exchange settled higher Tuesday, tracking strong gains in external markets.
The benchmark September 2009 soybean contract settled 0.6% higher at RMB3,608 a metric tonne.
The Shanghai Composite Index ended at a seven-month high Tuesday on rising metal prices and optimism that demand for resources will increase.
Domestic markets were shut Monday to observe the tombsweeping holiday.
Analysts said corporate results for the first quarter, scheduled to be disclosed later this month, may be better than expected.
Some media also reported that the State Council, China's cabinet, is scheduled to host a conference April 15 to discuss whether a new round of stimulus policies should be launched.
"There may be new stimulus measures if the (macroeconomic) data aren't satisfactory," said Xu Wenjie, an analyst at Tianma Futures.
Copper futures on the Shanghai Futures Exchange also settled sharply higher Tuesday, boosted by an overnight rise in canceled warrants at the London Metal Exchange.
The rise at the Chicago Board of Trade while Chinese markets were closed also helped to support agricultural product prices, analysts said.
Trading volume of all soybean contracts rose to 325,994 lots from 205,206 lots Friday.
Open interest rose 596 lots to 326,844 lots Tuesday.
Corn, soymeal, soyoil and palm oil futures all settled higher.
Tuesday's settlement prices in yuan a metric tonne for benchmark contracts and volume for all contracts in lots (One lot is equivalent to 10 tonnes):
Contract Settlement Price Change Volume
Soybean Sep 2009 3,608 Up 23 325,994
Corn Sep 2009 1,687 Up 3 118,118
Soymeal Sep 2009 2,836 Up 46 1,406,414
Palm Oil Sep 2009 5,802 Up 54 249,400
Soyoil Sep 2009 6,602 Up 62 817,594
