OT: Shanghai gold, silver volumes hit recordsFrom a post by Stocktrader on Sandstorm Gold board:
Shanghai gold, silver volumes hit records in after-hours trade
Fri Jul 12, 2013 5:39am EDT
By Ruby Lian and Fayen Wong
SHANGHAI, July 12 (Reuters) - Trading volumes for gold and silver on the Shanghai
Futures Exchange (ShFE) have jumped to record highs a week after the bourse launched after-hours trading, driven by a surge in investment and hedging demand.
The ShFE, China's biggest
commodity exchange by contract value, launched night trading on July 5 to give investors a tool to manage risk during trading hours in London and New York.
The extended hours could give China a better hold in the global gold market and offer a taste of what lies ahead for contracts such as base
metals, if the exchange sticks to plans to extend trading hours for other products.
"The pricing power for main
commodities is still decided by trading in overseas market, and any large price movement will not be favourable for domestic investors to control risks," said Sun Yonggang, an analyst with Everbright
Futures in Shanghai.
Weekly buy and sell trading volume for the most active gold contract more than doubled from a week ago, to 2.06 million lots by Friday, exchange data showed.
Daily transactions for gold rose by nearly a quarter to a record of 595,642 lots on Thursday, versus an average of 483,529 lots in June, the data showed.
Daily volume for the silver contract surged roughly six-fold from a week ago to 2.23 million lots on Thursday.
[url=https://www.reuters.com/article/2013/07/12/china-gold-futures-idUSL4N0FI23420130712][/url]