SHANGHAI, Nov. 20 (Xinhua) -- China on Thursday launched the trading of bonded copper futures, another commodity futures variety open to both home and overseas investors.
There were nine bonded copper contracts listed on the Shanghai International Energy Exchange, with a total trading volume of 8,300 lots Thursday.
The bonded copper futures trading marks China's endeavor to further open its commodities market, according to Fang Xinghai, vice chairman of the China Securities Regulatory Commission.
"We hope that the bonded copper futures become one of the pricing benchmarks for cross-border copper trade in the Asia-Pacific time zone in the near future," said Fang.
China is the largest consumer and importer of copper, with 3.55 million tonnes of refined copper imported in 2019.