On October 20-22 by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference will arrive once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professors who "rescue" people from anxiety and the era of involution—Macfarlane and Xiang Biao—will hold a live dialogue!
Limited spots available, first come first served. Let us embark together on the journey of sustainability! [Click to register] On October 14, data released by the China Futures Association showed that on a single-side basis, the national futures market trading volume in September was 1.19 billion lots, with a turnover of 84.52 trillion yuan, representing year-on-year increases of 53.9% and 18.21% respectively. In the first three quarters, the cumulative national futures market trading volume was 8.384 billion lots, with a cumulative turnover of 738.54 trillion yuan, representing year-on-year increases of 24.2% and 34.86% respectively. Multiple interviewed analysts believe that the year-on-year growth in September futures market trading volume and turnover was mainly driven by factors such as increased risk management demand from real economy enterprises and greater allocation of commodity assets by institutional funds.
Xiang Bo, Deputy Director of the Zhejiang Commercial Futures Research Institute, told the Securities Daily reporter that since the beginning of this year, uncertainties in the overseas macro environment have increased, commodity prices have fluctuated significantly, hedging demand from real economy enterprises for derivatives has risen, and combined with the continuous improvement of the domestic futures and options product system, the liquidity of China's futures market has improved, investor participation has increased, and trading volume for most products has continued to rise. Zhao Xiaoxiao, head of the Anliang Futures Research Institute, told reporters that the simultaneous rise in futures market trading volume and turnover in September and even the first three quarters was mainly due to two reasons: first, increased volatility in commodity prices raised risk management awareness among upstream and downstream enterprises in the industrial chain, and hedging demand from real economy enterprises continued to be released; second, participation by futures asset management and private equity funds increased, trading frequency rose amid higher volatility in the commodity market, and institutional funds continued to enter the market.
According to statistics by turnover, the top three products in each commodity futures exchange in September were: gold futures, crude oil futures, and silver futures on the Shanghai Futures Exchange (hereinafter referred to as "SHFE"); methanol futures, PTA (purified terephthalic acid) futures, and soda ash futures on the Zhengzhou Commodity Exchange (hereinafter referred to as "ZCE"); ethylene glycol futures, coking coal futures, and palm oil futures on the Dalian Commodity Exchange (hereinafter referred to as "DCE"); and lithium carbonate futures, industrial silicon futures, and polysilicon futures on the Guangzhou Futures Exchange (hereinafter referred to as "GFEX").
At the same time, according to statistics by trading volume, the top three products in each exchange in September were: petroleum asphalt futures, fuel oil futures, and rebar futures on the SHFE; methanol futures, methanol options, and soda ash futures on the ZCE; ethylene glycol futures, soybean meal futures, and polyvinyl chloride futures on the DCE; and lithium carbonate options, lithium carbonate futures, and industrial silicon futures on the GFEX.
"Since the beginning of this year, geopolitical risk conflicts in overseas markets have escalated, demand for risk avoidance and hedging among real economy enterprises has increased, and prices of metal assets such as gold and silver have continued to fluctuate, possessing asset allocation value, with active trading by institutional and individual funds," said Xiang Bo. At the same time, uncertainty among oil-producing countries has disrupted the crude oil supply chain, driving frequent price fluctuations in products such as crude oil and methanol, and increasing demand for hedging and futures-spot arbitrage among downstream petrochemical industry clients, with relatively active trading.
Looking ahead to the fourth quarter, sectors such as non-ferrous metals and agricultural products may present investment opportunities, and the supply-demand structure of such commodities may have consistent expectations.
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