SHANGHAI (Dow Jones)–The volume of commodities futures traded in China in May rose 28% from the previous month, led by active trading in base metals futures, the China Futures Association said Tuesday.
Volume and value were sharply higher than in May of last year, despite a declining trend in global commodities prices attributed in part to concerns over the health of financial systems in several euro-zone economies.
Trading volume in May on the country's commodity futures exchanges was nearly double the same month last year at 272.6 million lots, the association said. In the January-May period, volumes increased 68% from a year ago to 1.13 billion lots.
On the Shanghai Futures Exchange, where copper, aluminum, zinc, rebar, wire, gold, natural rubber and fuel oil futures are traded, the total May trading volume rose 57% from the previous month to 132.48 million lots, and more than doubled from a year earlier.
In the January-May period, volumes were up 91% on year to 470.61 million lots.
One lot is equivalent to five metric tons for most commodities on the exchange. For rebar, wire and fuel oil futures, one lot equals 10 tons. For gold futures, one lot is equivalent to one kilogram.
On the Dalian Commodity Exchange, where soybean, soymeal, soyoil, corn, palm oil and linear low-density polyethylene futures are traded, May turnover was down 25% from a year earlier to 50.58 million lots, but increased 8.5% from April.
In the January-May period, volumes declined 5.3% from a year earlier to 251.79 million lots.
One lot equals 10 tons on the exchange, except for linear low-density polyethylene futures, for which one lot equals five tons.
On the Zhengzhou Commodity Exchange, where cotton, rapeseed oil, wheat, sugar, rice and purified terephthalic acid futures are traded, trading volumes rose quadrupled to 78.58 million lots in May, but were down 4.9% versus April.
In the January-May period, volumes increased 143% from a year earlier to 398.27 million lots.
One lot equals five tons on the Zhengzhou Commodity Exchange, except for wheat, sugar and rice futures, for which one lot equals 10 tons.