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International spot commodities trading starts in Shanghai FTZ
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An international market for spot trading of commodities started operation in Shanghai’s pilot free trade zone today, which saw cross-border transactions of the first two batches of electrolytic copper.
The market allows the transactions of bonded commodities as well as warehouse receipts and bills of lading of underlying bonded commodities. Both domestic and foreign enterprises engaged in commodity-related trading, production, and processing are qualified to trade in the zone.
Commodities traded in the zone should be at pretax prices that exclude import tariffs and value-added taxes. Trading of commodities will adopt yuan-denominated quotation and settlement.
“It’s an important step to improve the efficiency of international resource allocation,” Wang Xinling, deputy director of the zone’s administration, said at the launch ceremony, “It also boosts the cross-border use of yuan and promote China’s competiveness in global commodity market.”
Shanghai Metals Market, an e-commerce platform of nonferrous metals, and Shanghai Ganglian International Trading Center of Metallic Minerals became the first two companies to launch products including ferrous and nonferrous metals.
As soon as the market was launched, Shanghai Jiangtong International Logistics Ltd purchased 202 tons of bonded electrolytic copper from the Canada-based ARC Resources Co Ltd in a deal valued at 6.5 million yuan while Shanghai Diteng International Trade Co Ltd brought 52 tons of bonded electrolytic copper from a Hong Kong company for 1.7 million yuan.
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