Significant rises recorded in Chinese futures markets on November

Monday, 07 November 2016 16:10:02 (GMT+3)   |   Shanghai
       

Today, November 7, coke prices (main contract J1701) at Dalian Commodity Exchange (DCE) in China indicated a significant increase, opening the day at RMB 1,911/mt and closing at RMB 2,002/mt, up 7.0 percent during the day’s trading. Also on the same day at DCE, iron ore futures prices (main contract I1701) opened at RMB 500/mt and closed at RMB 520/mt, up 3.28 percent.

Meanwhile, on November 7, rebar futures prices (main contract RB1701) at Shanghai Futures Exchange (SHFE) opened at RMB 2,736/mt and closed at RMB 2,889/mt, up 5.98 percent. Hot rolled coil (HRC) futures prices (main contract HC1701) at SHFE opened the day at RMB 3,148/mt and closed at RMB 3,284/mt, up 4.95 percent during the course of the day’s business.

Significant increases have also been observed in futures prices of two other commodities. Coking coal prices (main contract JM1701) at Dalian Commodity Exchange (DCE) opened on November 7 at RMB 1,408/mt and closed at RMB 1,516/mt, up 9.97 percent, while thermal coal prices (main contract ZC701) at Zhengzhou Commodity Exchange (ZCE) opened at RMB 662.0/mt and closed at RMB 674.0/mt, up 3.44 percent during the course of the day.

China’s National Development and Reform Commission (NDRC) has held a meeting with senior officials of major Chinese coal enterprises, discussing how to ensure coal supply, including supply of both thermal coal and coking coal, in the coming peak season for coal consumption. Coal supply is now on the short side in China and coal prices have surged in recent weeks. Market insiders said it will take time for coal producers to respond to government calls to increase supply. Meanwhile, as there is increasing demand for coal for heating purposes in China’s northern region due to the colder weather conditions, it is thought that coal prices in China will generally indicate a rising trend in November and December.

Similar articles

Baowu and SHFE to collaborate in spot and futures trading

09 Oct | Steel News

SHFE developing ferrochrome and CRC futures

27 Sep | Steel News

Stainless steel futures start trading at SHFE

25 Sep | Steel News

DCE to implement brand delivery system for iron ore

17 Sep | Steel News

CSRC approves launch of stainless steel futures at SHFE

02 Sep | Steel News

Shanghai rebar price returns from six-year high

08 Aug | Steel News

China to launch crude oil futures on March 26

14 Feb | Steel News

Dalian Commodity Exchange to open iron ore futures trading to foreign capital

07 Feb | Steel News

HKEX announces plans for iron ore futures

28 Sep | Steel News

Decreases recorded in Chinese rebar futures prices due to weak demand

18 Sep | Steel News