China launches world's first stainless steel futures

by David Fleschen

China on Wednesday started the trading of yuan-denominated stainless steel futures, the first of its kind worldwide targeting the material widely used in transportation, environmental protection and medical industries.

The listed futures at the Shanghai Futures Exchange are eight contracts to be delivered from February to September of 2020. Their benchmark prices were set at 15,585 yuan (about 2,203.6 U.S. dollars) a tonne.

On the first day of trading, the futures settled a trading volume of 195,240 lots with a turnover of about 15.2 billion yuan (about 2.15 billion U.S. dollars).

The most active ss2002 contract for February 2020 delivery edged down 10 yuan to close at 15,575 yuan per tonne in daytime trading.

Source: Xinhua, Photo: Fotolia

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