Shanghai Jiangtong International Logistics has purchased 202 tonnes of bonded electrolytic copper from overseas traders at a price of 6.5 million yuan via the SMM Metals Trading Center, a spot commodity trading centre launched on Friday in the Shanghai Free Trade Zone (FTZ).
The SMM Metals Trading Centre, which can trade copper, nickel, aluminum, tin, lead, manganese, silver, indium and silicon currently, has opened accounts for 76 traders, including 24 overseas traders. Friday also saw MySteel Metals and Minerals Trading Center launched in the Shanghai FTZ, which can trade cold-rolled sheet, steel rebar and wire rod at present.
The two newly-launched spot commodity trading centers, different from those located outside the Shanghai FTZ, trade bonded goods which quote net prices without import tariff or value-added tax and settle in RMB.
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