Turnover in China's futures market exceeded 19 trillion yuan (US$2.4 trillion) in the first 11 months, up 58 percent on the same period last year.

 

Figures from the China Futures Association show more than 403 million transactions on the futures market in the past 11 months, up 41 percent.

 

November saw a sharp rise with more than 56 million transactions, up 85 percent on November 2005.

 

The growth is attributed to a bullish agricultural products market -- in particular corn, soybeans and wheat.

 

The number of corn transactions exceeded one million for the first time on Nov. 10 and rose to a record 1.65 million on Nov. 27 with futures prices soaring by 9 percent from 1,516 yuan to 1,649 yuan per ton.

 

One of China's three major futures markets, the Shanghai Futures Exchange saw a turnover of 1.1 trillion yuan in November, accounting for 50 percent of the national total.

 

The total turnover of the Shanghai exchange rose 95 percent year-on-year to 11.5 trillion yuan in the first 11 months. Established in 1999, commodities traded in the Shanghai market are copper, aluminium, rubber and fuel oil.

 

The Dalian Commodity Exchange saw 214.5 million transactions, up 41 percent, as transaction value rose to 4.67 trillion yuan, up 12 percent.

 

The largest futures market for agriculture goods, the Dalian exchange deals in corn, soybeans and bean oil.

 

The Zhengzhou Commodity Exchange saw turnover rise 47 percent year-on-year to 2.9 trillion yuan in the past 11 months.

 

(Xinhua News Agency December 4, 2006)