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Bailian launches nonferrous metal index
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SHANGHAI’S Bailian Group yesterday started publishing a new price index for nonferrous metals, aiming to create a benchmark in the domestic spot market.
The index, known as SMEI, is based on spot prices quoted from the Shanghai Metal Exchange electronic platform and also collected from leading producers and traders. The index reflects prices for copper, aluminum, lead, zinc, tin and nickel.
It will be published at 11am everyday on the website of the Shanghai Metal Exchange at smechina.com.cn.
The new index demonstrates the efforts by Bailian, a state-owned retailer, to strengthen its trade business, according to the company Chairman Chen Xiaohong.
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