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Trading activity on China's futures markets in the first half of 2006 increased sharply from a year earlier, reflecting the rise in commodity prices and greater participation by foreign institutions.

The three commodity exchanges in Shanghai, Dalian and Zhengzhou posted a combined turnover of 10 trillion yuan (US$1.25 trillion) in the six months to June 30, 2006, up nearly 60 percent from a year earlier. The total number of contracts traded on all three exchanges rose 41.5 percent to 213 million yuan (US$26.6 million) in the same period.

Industry analysts said the rise reflects a close price connection between futures on domestic and global markets, and the booming sector is attracting more foreign investors.

The price of copper contracts soared to record highs of around 85,500 yuan (US$10,687) in mid-May.

Natural rubber was traded at around 13,000 yuan (US$1,630) per ton earlier last year, in contrast to more than 30,000 yuan (US$3,750) at the end of May and about 26,000 yuan (US$3,250) currently.

On the Shanghai exchange alone, total turnover in that period reached about 6 trillion yuan (US$750 billion), a whopping increase of 103 percent and even drawing close to last year's total trading volume of 6.54 trillion yuan (US$818 billion), according to figures released by the China Futures Association.

About 55 million deals were struck in the exchanges for the first six months, a year-on-year increase of roughly 100 percent.

"The Shanghai Futures Exchange registered a handsome trade volume because industrial commodities and oil-related products are the hotspots on international markets this year," Lin Hui, an analyst with China International Futures (Shanghai) Co Ltd, said yesterday.

"The industrial commodities have been on a roller-coaster ride on the global market this year, which drew a lot of attention and connected to the Shanghai bourse."

Copper, the only product that saw a decline in trade volume, had a bumpy ride as well. Its soaring price caused a reduction in the number of deals, which in turn led to a decline in turnover.

Jin Dehuan, a professor with the finance department of the Shanghai University of Finance and Economics, said the increase was also driven by the strong speculative and hedging demands on industrial commodities.

The other two exchanges in China also witnessed a steady climb in trade volume in the first half of the year.

(China Daily July 4, 2006)