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Cathode copper trading gets ready
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SHANGHAI Clearing House yesterday launched the central counterparty clearing for cathode copper swap trading.
The first batch of 3,340 contracts was cleared during the day, involving 16,700 tons of cathode copper worth 640 million yuan (US$95.5 million), SCH said in a press release.
The central counterparty clearing refers to the process by which financial transactions are cleared by a single counterparty such as a clearing house.
The trading is based on cathode copper price index compiled by Shanghai Metals Market and is priced, cleared and settled in yuan.
The service is to cater to the rising demand for hedging tools in copper market and enhance the pricing power of Chinese traders in international markets, SCH said.
The clearing house is planning to launch central counterparty clearing services for financial derivatives of coal products this year.
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