China's futures market soars in May

China saw its futures market soared rapidly in May, fueled by a trading boom of farm products, including sugar, soybean, corn, etc.

Trading turnover in the period amounted to RMB 5 trillion (US$714 billion), up 88% from a year earlier, according to the latest figure released by the China Futures Association.

The big increase comes from an improving domestic market environment and rising farm products prices resulted from soaring international grain prices and the snow disaster in the nation in February, market analysts said.

The combined value of contracts signed in the first five months on China's three futures markets in Shanghai, Zhengzhou and Dalian hit RMB 29.5 trillion, rocketing 163% over the corresponding period of last year.