December 28, 2007

China soy futures turnover reach US$7 billion in 2007

China's transactions in soy futures soared 11.9 million tonnes, valued at RMB51.5 billion (US$7 billion), which soon spread to other commodity futures.

Dalian Commodity Exchange, where corn, soy, soyoil and palm oil are traded, achieved a turnover of RMB134.12 (US$18.3 billion) this year.

Zhengzhou Commodity Exchange, which trades wheat reached a turnover of RMB44.737 billion (US$6 billion).

Volume of Zhengzhou's strong gluten wheat was 3.7 million tonnes and turnover was CNY 7.68 billion. The figures for the bourse's hard wheat were 248 lots and CNY 4.52 million.

Strong growths in the Chinese futures market are attributed to new regulations on futures transactions, the launch of new commodity futures, the change in futures firms, and futures investor education, noted a futures researcher at Beijing Technology and Business University.

The new regulations, which have been effective from April 15, laid a consolidated law foundation for the development of China's futures market.

Moreover, the country launched four new commodity futures including palm oil futures and white sugar futures.