前11个月期货市场成交额达675万亿元 同比增长20%

Core Insights - The Chinese futures market has shown significant activity in November, with a trading volume of 770 million contracts and a turnover of 66.61 trillion yuan, marking year-on-year increases of 13.54% and 7.11% respectively [1] - The overall performance of the futures market in the first 11 months of the year has been robust, driven by factors such as the introduction of new products, increased hedging demand from real enterprises, and a rise in commodity asset allocation [1][2] - Precious metals, particularly gold, have emerged as the most favored sector in the futures market this year [1][3] Trading Volume and Turnover - In November, the top three traded products by turnover were gold, silver, and copper on the Shanghai Futures Exchange, glass, soda ash, and methanol on the Zhengzhou Commodity Exchange, and coking coal, palm oil, and soybean meal on the Dalian Commodity Exchange [1] - The total trading volume for the first 11 months reached 8.117 billion contracts, with a cumulative turnover of 67.5 trillion yuan, reflecting year-on-year growth of 14.74% and 20.19% respectively [1] Factors Driving Market Activity - The increase in market activity is attributed to the launch of new futures products, such as aluminum alloy futures and options, pure benzene futures and options, and propylene futures and options, which provide more precise hedging tools for related industries [2] - Structural impacts from various industrial policies have attracted significant capital inflow, leading to independent trend movements in related products and expanding trading volumes [2] Investment Trends - As of December 5, the total capital in commodity futures reached 520 billion yuan, a year-on-year increase of 57.6% [3] - Gold futures have seen a capital accumulation of 104 billion yuan, a substantial increase from 51.57 billion yuan at the beginning of the year, making it the only product to surpass the 100 billion yuan mark [3] - The appeal of gold as a defensive asset has increased due to rising global uncertainties, with central banks continuing to accumulate gold, further supporting long-term investment strategies [3]