China launched soybean oil futures trading at Dalian Commodities
Exchange in the northeastern China's Liaoning
Province Monday morning.
Trading of soybean oil futures may help Chinese soybean oil
producers reduce the risks of drastic price fluctuation of refined
oil and soybean on the highly competitive soybean oil market, said
Zhu Yuchen, general manager of the Dalian exchange.
"I expect booming trade of soybean oil futures," he said. "The
Dalian exchange has seen robust trading of bean dregs since the
product was launched last year."
Merely minutes after the soybean oil futures trading started at
9:00?AM Monday, price for March deals rose to 5,200 yuan
(US$642) per ton from the base price of 5,000 yuan (US$617).
Soybean oil was the second new product launched at China's
futures market in the new year. On Jan. 6, China launched futures
trading of white sugar at Zhengzhou exchange in the central Henan
Province.
China now has three futures exchanges in Dalian, Shanghai and
Zhengzhou that trade bean dregs, soybean, maize, soybean oil,
copper, aluminum, natural rubber, fuel oil, cotton, wheat and
sugar.
(Xinhua News Agency January 9, 2006)
