Hopes were high in the run-up to the launch of the Dalian Commodity Exchange's iron ore futures contract both from players based on the Chinese mainland and from the offshore market. Indeed, when the contract went live on October 18, the first-day volume was a staggering 338,700 lots, or around 34 million tonnes. Comparatively, the Singapore Exchange (SGX) cleared 20.5 million tonnes equivalent in iron ore swaps for the whole of September.
However, by October 29, volume had tumbled by more than
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