Date：June1, 2015
Source:Futures Daily

According to the latest statistics of China Futures Association (CFA), in May, the futures trading volume across the country totaled 297 million contracts, or RMB71.28 trillion, up 67.89% and 280.46% respectively from a year earlier, and down 13.06% and up 10.56% respectively from April.
The national futures trading volume from January to May totaled 1.41 billion contracts, or RMB255.16 trillion, with year-on-year increases of 66.37% and 163.18% respectively.
Trading of financial futures was vigorous in May, with substantial year-on-year and month-on-month increases of trading volume and open positions. The trading turnover accounts for 83.84% of the total futures trading across the country, up 2.65 percentage points compared to that of April.
Wang Jun, Director of Founder CIFCO Futures Institute said that the year-on-year increase of national futures trading turnover in May was driven by the active trading of financial futures, and that the three futures indices will continue to bolster national futures trading later this year. Notably, the trading volume and turnover of CSI 300, one of the three futures indices, both underwent month-on-month slide in May.
According to Yi Le, analyst of First Futures Institute, this is because the stock market is fragmented. CSI 300, SSE 50 and CSI 500 indices fared differently. Meeting different investment needs, the newly listed SSE 50 and CSI 500 attracted capitals away from CSI 300. He expected capitals in the futures index market to split up further as investors became more familiar with these new products.
In contrast to financial futures market, commodity futures market was muted with total trading volume sliding month on month. The trading volume in this market is driven by ferrous metals, chemicals and oils. Specifically, iron ore stood out with its trading volume of the month accounting for 8.36%.
According to Yi Le, as macro-economic status and the fundamentals of the iron ore market are in conflict, iron ore futures was volatile at low price levels in May, and trading was boosted by the enhanced difference between long and short.
Regarding the fact that in May the national futures trading volume dropped 13.06% from the month earlier, Jiang Xingchun, Director of Guoyuan Futures R&D Center, attributed it to the month-on-month slide of trading volume of commodities futures. Block commodities consumption is weighed down by the sluggish macro economy lately.
Despite the transient policy-propelled rally in April, the commodities market in general appears to return to fundamentals-oriented bearishness. As most commodities are in a downward trend, it is not surprising for trading volume to shrink moderately. Statistics show that the volume and the turnover of Shanghai Futures Exchange (SHFE) in May were 79 million contracts and RMB5.05 trillion (accounting for 26.42% and 7.09% respectively of the national market), up by 65.06% and 20.4% year on year as well as down by 22.03% and 2.38% month on month, respectively. The volume and the turnover of SHFE from January to May were 387 million contracts and RMB24.92 trillion (accounting for 27.41% and 9.76% respectively of the national market), up by 38.36% and down by 2.61% year on year, respectively.
The volume and the turnover of Zhengzhou Commodity Exchange (ZCE) in May were 85 million contracts and RMB2.5 trillion (accounting for 28.5% and 3.51% respectively of the national market), up by 73.65% and 46.4% year on year as well as down by 24.96% and 24.6% month on month, respectively. The volume and the turnover of ZCE from January to May were 487 million contracts and RMB13.97 trillion (accounting for 34.54% and 5.47% respectively of the national market), up by 136.44% and 88.48% year on year, respectively.
The volume and the turnover of Dalian Commodity Exchange (DCE) in May were 92 million contracts and RMB3.97 trillion (accounting for 30.91% and 5.57% respectively of the national market), up by 37.73% and 3.39% year on year as well as up by 3.57% and 9.08% month on month, respectively. The volume and the turnover of DCE from January to May were 373 million contracts and RMB15.21 trillion (accounting for 26.45% and 5.96% respectively of the national market), up by 28% and down by 12.83% year-on-year, respectively.
The volume and the turnover of China Financial Futures Exchange (CFFEX) in May were 42 million contracts and RMB59.76 trillion (accounting for 14.17% and 83.84% respectively of the national market), up by 201.48% and 564.54% year on year as well as up by 6.47% and 14.17% month on month, respectively. The volume and the turnover of CFFEX from January to May were 164 million contracts and RMB201.07 trillion (accounting for 11.61% and 78.8% respectively of the national market), up by 130.86% and 332.3% year on year, respectively.