SHANGHAI - Synthetic rubber futures and options were listed for trading on the Shanghai Futures Exchange on Friday, which increased the total number of futures derivatives listed in China to 120.

In morning trading, 75,000 lots of the new futures changed hands, with a turnover of 3.99 billion yuan ($559.3 million).

Synthetic rubber is a synthetic polymer elastomer, which is among three major synthetic materials widely used in industry, together with synthetic resin and synthetic fiber. China is the world's largest producer, consumer and importer of synthetic rubber.

"The listing of synthetic rubber futures and options will help enterprises better manage risks," said Zhang Suiqi, manager of the chemical department of Sinopec Shanghai Gaoqiao Petrochemical Co Ltd.

Tian Xiangyang, chairman of the futures exchange, said the futures listing makes up for the gap in the pricing of international synthetic rubber and even the broader butadiene industrial chain.

According to data from the China Futures Association, the cumulative turnover of China's futures market amounted to 3.95 billion lots in the first half of 2023, up 29.7 percent year-on-year.