Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
Global commodity trader and miner Glencore, and big merchants Trafigura, Freepoint Commodities and Mercuria were among the first to trade the new contract.
The launch of the yuan-denominated oil futures marked the culmination of a decade-long push by the Shanghai Futures Exchange (ShFE) to give the world's largest energy consumer more power in pricing crude sold to Asia.
With major overseas traders displaying a strong appetite to punt in China's vast derivatives market, Shanghai's turnover challenged Brent volumes during Asian hours, reflecting the potential for arbitrage trade with oil markets in the United States, Europe and Oman.
"Whether this will have any real bearing on the other crude benchmarks, I'm not quite sure, but traders love a new toy, so I applaud China for bringing in something that could stoke up some volatility," said Matt Stanley, a fuel broker with Freight Investor Services (FIS) in Dubai.
First-day enthusiasm saw 20 million barrels of September oil changing hands in Shanghai by the 3pm (0700 GMT) close, but it's not clear the pace will hold in the night session, which runs from 9pm to 2.30am, or on into coming days.
The 15.4 million barrels done in Shanghai's 2-1/2-hour morning session initially topped the Brent May crude contract, before Europe's benchmark came alive around 0500 GMT. "We've seen already this morning it appears to be a liquid contract from the off," said David Martin, JPMorgan Chase & Co's Asia Pacific head of global clearing, at an event for the launch in Shanghai. - Reuters
Israel's military campaign against Hamas has reduced much of the territory of 2.3 million people to a wasteland with most civilians homeless
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