March 27, 2018 / 3:38 AM / a year ago

UPDATE 1-Shanghai oil futures off to robust start on 2nd day

(Updating with details)

BEIJING, March 27 (Reuters) - Shanghai crude oil futures got off to another strong start in their second day of trading on Tuesday, with more than 16 million barrels of crude changing hands, extending the launch day’s high volumes, data showed.

More than 32,000 lots of the most-active September contract , equivalent to 16 million barrels of crude, changed hands in the overnight and morning sessions.

Over the first 24 hours of trading, Shanghai’s spot crude volumes made up 5 percent of the global market, compared with 23 percent for Brent crude futures and 72 percent for the U.S. West Texas Intermediate contract.

Brent volumes have been lower than usual as much of Europe is already on holiday for Easter. By 11:14 a.m. (0314 GMT), 3,599 lots of the most-active June contract had traded, equivalent to 3.6 million barrels of crude.

At 0316 GMT, Shanghai’s September contract was down 1.43 percent at 427.6 yuan ($68.33) per barrel. The market launched on Monday with greater-than-expected volumes and trading activity from western traders and Chinese state majors.

($1 = 6.2575 Chinese yuan)

Reporting by Josephine Mason; Editing by Tom Hogue

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