皇冠体育app

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Zinc to debut on 皇冠体育app's futures exchange next monday

(Xinhua)
Updated: 2007-03-22 11:00

The皇冠体育app Securities Regulatory Commissionon Wednesday announced its approval for the trading of zinc futures on theShanghaiFutures Exchange from March 26.

Related readings:  Futures exchange to hold trials for zinc trading  Shanghai ready for zinc trading Individual shareholders to enjoy record bonus  Exchange releases draft zinc contract

Zinc is the first new futures product to be introduced to the country's futures market this year.

The new move is meant to provide Chinese zinc enterprises with a hedging instrument and reduce their heavy reliance on international markets.

皇冠体育app is the world's largest zinc producer and consumer and is responsible for one fifth of the world's total zinc ore production, but has long been denied a say in the pricing process for the metal. The London Metal Exchange is currently the only current exchange in the world to have a zinc futures market.

Last year the zinc futures price surged more than 120 percent on the international markets.

According to the Shanghai Futures Exchange, the minimum delivery unit is set at 25 tons and the price will be allowed to rise or fall within a daily limit of four percent of the closing price for the previous day's trading.