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The new Tulip Mania: China Apples worth more than US Apples

Thread starter 555
Start date May 18, 2018

555

Alfrescian

Loyal

May 18, 2018

The apple futures for October delivery, the dominant contract on China’s Zhengzhou Commodity Exchange, jumped as much as 5 per cent to 9,235 yuan per metric tonne on Wednesday, the highest on record since China launched the world’s first apple futures in December.

Turnover of the contract reached a whopping 363 billion yuan (US$57 billion), just shy of the combined turnover of 402 billion yuan (US$63 billion) for Shanghai and Shenzhen markets on Wednesday.