Shanghai crude oil futures, which started trading on the city’s stock exchange on Monday, slumped yesterday following a night of heavy selling lead by a dip in international markets, Bloomberg reports.
In the first two hours of Tuesday’s night session, prices dropped 4.2% to RMB 408.6 ($65.09) per barrel, down from its opening price of RMB 440 Monday morning, the fall exaggerated by Shanghai’s low liquidity relative to Western benchmarks.
Over 34,000 lots, each containing 1,000 barrels of Shanghai crude oil, were exchanged in the session, more than half of the day’s transactions.
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