It is reported that on October 19th about CNY 203.863 billion of rebar futures contracts were conducted totaling some 5.2482 million lots. With such high transaction volume, rebar futures boosts the largest transactions and followed by copper futures.
Recently rebar futures contracts once went up by 4.71% while dived down under the great pressure from Chinese government who would strictly curb the serious overcapacity. Against such backgrounds, dominant contract 1001 closed up 2.17% at CNY 3865 per tonne.
Signals show that domestic steel futures contracts will recover in a short term. However, the future market trend is still in the air. In September the nation crude steel outputs created new high an obstacle to the continuous rise for steel futures contracts.
According to statistics, domestic total stocks rose by 11.93 of 1.34 million tonnes WoW. Among the total, rebar stock climbed up by 7.69% of 300,000 tonnes. So, the domestic market is still under great pressure of high stocks.
(Sourced from MySteel.net)
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