Shanghai Futures Exchange May Launch Silver Futures in 2011
Source: China Knowledge (5/24/11)
"The largest commodity futures exchange in China is expected to launch silver futures by the end of this year."
The Shanghai Futures Exchange, the largest commodity futures exchange in China, is expected to launch silver futures by the end of this year at the earliest, said Yang Maijun, general manager of the SHFE, sources reported.
Yang also said that the exchange hopes to speed up the effort to introduce crude oil futures in China as developing crude oil futures has a bearing on national energy security and economic security.
Yang added that the exchange is also trying to internationalize prices of domestic futures. International investors are now not allowed to participate in domestic futures trading, thus limiting the influence of domestic futures prices.
The SHFE, formed through the merger of the Shanghai Metal Exchange, Shanghai Foodstuffs Commodity Exchange and the Shanghai Commodity Exchange in December 1999 currently trades futures contracts in copper, aluminium, zinc, lead, gold, deformed steel bar, wire rod, natural rubber and fuel oil.
In 2010, trading volume on the Shanghai Futures Exchange surged 43.01% year on year to 1.24 billion lots, with transaction value surging 67.41% year on year to RMB 123.48 trillion, according to a report released by China Futures Association, China Knowledge reported earlier.