Fuel oil derivatives trading begins

China started trading in fuel oil futures, making available a critically needed hedging instrument to counter fast-rising market prices, and raising the hope that crude oil futures trading is just around the corner. On opening day, the most active January contract closed 4% higher at RMB 2,184 yuan ($263.90) a ton, rising RMB 77 yuan right at the beginning of trade, to RMB 2,175. Volume was described as healthy, the day closing with 91,528 lots traded.