BEIJING, March 28 (Reuters) - Front-month Shanghai crude oil futures fell sharply in heavy early trade on Wednesday, the third day of trading since Monday’s launch, driven lower by a stronger yuan and weaker iron ore futures.
* Prices were down more than 4 percent at 409 yuan ($65.16) per barrel
* “The stronger Chinese currency is the key driver that prompted selling by mostly retail investors ... the crude contract also took its cue from weaker prices of other Chinese commodities,” said Zhang Huiyao, deputy head of crude with Huatai Futures.
* Turnover in September delivery Shanghai crude oil futures volumes totaled 55,570 lots by 10:00 a.m., the heaviest early trading so far
* That includes the overnight session and first hour of trading
* It’s equivalent to 27.5 million barrels of oil.
Reporting by Josephine Mason and Chen Aizhu; editing by Richard Pullin