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A total of 69,200 tonnes of copper were traded on the debut of the Shanghai Free Trade Zone copper premiums swap in the Shanghai Clearing House (SHCH) on Friday February 6.
On their first day of trading, the contracts recorded 40 million yuan in settlements, with 4,000 open positions, according to the SHCH.
CGT, Shanghai Tongguan Trade, Jinchuan Maike and Shanghai Diteng International Trade conducted the first batch of trading on Friday, involving 22,000 tonnes of copper worth 12.5 million yuan ($2 million), according to the SHCH.
The contracts are denominated in cross-border RMB and settled based on Yanshan copper premiums assessed by the Shanghai Metals Market. The contract terms are 12 consecutive months, starting from the month of trading. The lot size of the swap contracts are 5 tonnes.
Linda Lin Linda.lin@metalbulletinasia.com