China's futures market recorded robust growth in May, driven by active trading in industrial metals and supported by the country's steady economic recovery, industry data showed on Tuesday.
According to the China Futures Association, the country's futures market recorded a trading volume of 709 million lots in May, up 4.54 percent year on year while its total trading value reached 70.61 trillion yuan (about 10.43 trillion U.S. dollars), an increase of 29.01 percent from a year earlier.
The non-ferrous metals sector remained one of the most active segments of the market. The trading volume of tin futures surged 188.55 percent year on year in May, while copper and aluminum futures rose 20.59 percent and 28.81 percent, respectively.
Performance in the precious metals sector was mixed. The trading volume of silver futures increased 12.55 percent from a year earlier, while the gold futures trading volume fell 54.63 percent.
Market analysts said China's steady economic growth and improving corporate profitability are expected to continue providing fundamental support for the futures market.
"Industrial non-ferrous metal products are supported by demand from the real economy, making market performance relatively resilient. They are suitable for swing trading and hedging strategies that align with industrial fundamentals. Gold, meanwhile, remains constrained by the high-interest-rate environment in the short term and is likely to stay in a pattern of weak fluctuations," said Xu Di, assistant general manager of Guoyuan Futures Co., Ltd.
China's futures market turnover rises 29 pct in May
