China's long-awaited crude oil futures started trading on the Shanghai International Energy Exchange (INE) on Monday March 26, with the most active front-month September contract closing 3.3% higher at the end of the trading day.
The September crude futures contract, or SC1809, finished at 429.90 yuan ($68) per barrel, up 13.90 yuan per barrel from the INE-set starting price of 416 yuan per barrel. The contract traded at 426.30-447.10 per barrel during the day, with 40,656 lots changing hands. The INE's crude oil futures launch is closely watched by the global commodities industry because it is one...