China's first long-expected crude oil futures has started trading on the Shanghai International Energy Exchange Monday, with the front-month September contract being the most actively traded in the first morning session, according to data from INE's website.
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The September crude futures contract, or SC1809, jumped to above Yuan 440/b ($69.63/b) at the opening, up by Yuan 24/b or 6% from its starting price of Yuan 416/b set by the INE.
About 413 participants joined the bid collection session, including state-owned oil companies Unipec, CNOOC, Sinochem, Northern Petroleum, independent oil companies such as Twinace, Shandong Huifeng, as well as foreign companies including Trafigura, Glencore, and Freepoint, with a trading volume of 261 lots, according to local media.
A total of five different monthly futures contracts for delivery in September, October, November, December 2018 and January 2019 have changed hands on the futures exchange in the first morning session, while three quarterly futures contracts for delivery in the quarters ending March, June and September 2019 have also traded.
The front-month September crude futures contract was at Yuan 435.9/b by the time the first morning session ended at 10:15 am local time (0615 GMT), up by Yuan 19.9/b from the starting price of Yuan 416/b set by the INE, after having hit a high of Yuan 447.1/b during the first morning trading session.
Around 26,756 lots of crude futures contracts were traded, of which around 25,702 lots were September contracts as of the end of morning session at 10:15 am, accounting for 96% of the total traded volumes, data from INE's website showed.
--Edited by Irene Tang, firstname.lastname@example.org