Commodities trading starts in FTZ
Print Edition
AN international market for commodities’ spot trading was launched at Shanghai’s pilot free trade zone yesterday and completed the first cross-border transactions of two batches of electrolytic copper.
The market allows the transactions of bonded commodities as well as warehouse receipts and bills of lading of underlying bonded commodities.
Both domestic and foreign enterprises engaged in commodity-related trading, production, and processing are qualified to trade in the zone. Commodities traded in the zone should be at pretax prices that exclude import tariffs and value-added taxes. Trading of commodities will adopt yuan-denominated quotation and settlement.
“It’s an important step to improve the efficiency of international resource allocation,” Wang Xinling, deputy director of the zone’s administration, said at the launch ceremony.
“It also boosts the cross-border use of yuan and promotes China’s competitiveness in global commodity market.”
Shanghai Metals Market, an e-commerce platform of nonferrous metals, and Shanghai Ganglian International Trading Center of Metallic Minerals became the first two companies to launch products including ferrous and nonferrous metals.
Shanghai Jiangtong International Logistics Ltd purchased 202 tons of bonded electrolytic copper from the Canada-based ARC Resources Co Ltd in a deal valued at 6.5 million yuan (US$1 million).
Shanghai Diteng International Trade Co Ltd brought 52 tons of bonded electrolytic copper from a Hong Kong company for 1.7 million yuan.
Ryan Dong, general manager of Shanghai Metals Market, said a total of 76 companies had registered with his platform to trade in commodities, including 24 from overseas markets.
The new platform was part of Shanghai’s effort to set up international trading exchanges for various commodities in the zone. The Shanghai government has said earlier it plans to set up eight international platforms to trade oil, gas, iron ore, cotton, liquid chemicals, silver, bulk commodities and nonferrous metals in the zone by 2015 as the city bids to build itself into a global trading hub.
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