Shanghai crude futures hit their highest price since launching in late March on Wednesday, tracking big gains in global benchmarks after U.S. President Donald Trump pulled out of the Iran nuclear deal. The contract for September delivery touched a high of 466.6 yuan a barrel and was trading up 1.2 percent at 464.8 yuan ($72.94) a barrel in early afternoon trade. (0540 GMT). A record 113,045 lots, or 113 million barrels, exchanged hands by the midday recess, a record amount that more than doubled Tuesday’s trade. Open interest stood at 27,602 lots or 13.8 million barrels, also a record. “The Trump move overnight injected a big new subject for trading and boosted interest from speculators,” said a trader with Mercuria, a regular participant in the new contracts. The increasing correlation between the Shanghai contract and global benchmarks WTI and Brent boosted the confidence of market participants, […]