China's futures market turnover rises 16 percent

Turnover of China's futures market hit 119.58 trillion yuan (19 trillion US dollars) during the first three quarters of 2012, a year-on-year increase of 16.44 percent, latest data indicated. More than 1.03 billion transactions took place on the country's futures market during the first nine months, up 31.62 percent from the previous year, a China Futures Association statement said. In September, turnover rose 42.51 percent year on year to 18.03 trillion yuan, up 12.5 percent from the previous month, the statement said. Volume was modestly active on the Shanghai Futures Exchange, one of China's four major futures markets, last month as the U.S. policy of quantitative easing and China's approval of infrastructure projects pushed prices of manufactured goods, including precious metals and steel, higher. The exchange saw turnover jump 19.67 percent month on month in September, the statement said. Established in 1999, the Shanghai market deals in commodities such as copper, aluminum, rubber and fuel oil. However, the Dalian Commodity Exchange, the nation's largest futures market for agricultural goods, saw its transaction value falling 4.54 percent from the previous month, the statement said. The country's other two major futures markets include the Zhengzhou Commodity Exchange, which specializes in agricultural and chemical products futures, and the China Financial Futures Exchange, which specializes in financial derivatives.