China's crude oil futures attract worldwide participation

News Image

MG News | September 19, 2018 at 04:54 PM GMT+05:00

0:00

September 19, 2018: China's crude oil futures, the first futures variety on the Chinese mainland open to overseas investment, have attracted worldwide interest, exchange data showed Wednesday.

"So far, the Shanghai International Energy Exchange (INE) has approved the filings of 32 overseas agencies to provide brokerage services for overseas investors, with three others still waiting approval," according to Li Hui, vice general manager of the Shanghai Futures Exchange, INE's parent company.  "Those brokerage agencies have helped investors from Hong Kong, Singapore, the United States and Britain process trading of crude oil futures."

Currently, crude oil futures held by overseas investors account for about 15 percent of the exchange total.

"The INE crude oil futures have played a preliminary role in pricing and settlement, as the futures have been used as benchmark prices of some long-term crude oil supply contracts denominated and settled in yuan," Li said.

The futures contracts were launched in March 2018 in Shanghai in a move to further open up the financial sector.

By Aug. 30, the combined turnover of the crude oil futures stood at nearly 11 million lots (1,000 barrels per lot), with a total value of 5.34 trillion yuan (about 779 billion U.S. dollars).

The value of daily turnover averages about 49 billion yuan, with the maximum daily amount topping 108.65 billion yuan, according to the INE data.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 13, 2025 at 10:26 AM GMT+05:00

K-Electric dispels rumours of peak hour changes


July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg