Shanghai Securities News: Debut of Nickel, Tin Futures Closed Steady

Updated on Mar 28,2015

By Ruan Xiaoqin

At 9 a.m. on March 27, nickel and tin futures were officially listed on the Shanghai Futures Exchange (SHFE) for trading. Statistics show that by the close of the afternoon session, the nickel futures have seen trading of 30,300 contracts (bilateral, the same below) at a volume of RMB3.066 billion, with the open interest of 15,300 contracts, and the tin futures have seen trading of 1,800 contracts at a volume of RMB218 million, with the open interest of 620 contracts. The market operation is generally stable, witnessing active participation of industry clients and the contract position structure is reasonable.

Call auction started at 8:55 a.m. that day. NI1507, the dominant contract of nickel futures, opened at RMB101,870 per ton, once surging to RMB102,710 per ton and dropping to RMB100,650 per ton, and closed at RMB101,080 per ton, seeing a 0.97% decline of RMB990 per ton; SN 1507, the dominant contract of tin futures, opened at RMB120,000 per ton, once rising to RMB120,010 per ton and falling to RMB115,150 per ton, and closed at RMB119,270 per ton, with a 0.77% decline of RMB920 per ton.

China’s nonferrous metal futures market is of high degrees of marketization and internationalization, as well as ideal exertion of market functions. Chen Quanxun, Counselor of the State Council and Chief of the China Nonferrous Metals Industry Association, remarked that during the 20-odd years’ development of nonferrous metal futures market, the nonferrous metal industry and its futures market achieved reciprocal influence and promotion. By virtue of the futures market, the nonferrous metal industry managed to get established during marketization and seize the opportunity of reforming market economy system and opening-up to fully utilize and boost the roles of the futures market, hence fulfilling rapid development of nonferrous metal industry and the great enhancement of its overall competitiveness.