The head of China's securities regulator rejected criticism that excessive speculative participation in the futures market was "amplifying" wild one-day moves in the underlying spot price. Iron ore spot prices increased by a record 19% in just one day's trading on March 6, for example.
"Judging from the changes of commodity prices this year, futures prices are mostly lower than spot, therefore, futures did not amplify the spot price movements," said the vice-chairman of China Securities
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