China approves coke futures trading
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China's securities regulator announced Tuesday that it has approved coke futures trading on the Dalian Commodity Exchange.
The Dalian Commodity Exchange has completed a preliminary design of coke futures contracts and drawn up strict rules on transactions, settlements and deliveries, said the China Securities Regulatory Commission (CSRC) in a statement on its website.
Trading of coke futures will start after the CSRC approves the futures contracts, and the exact launch time will be decided by the bourse, the statement said.
Coke is derived from coking coal and is used to produce steel. China is the world's largest coke producer and consumer, with a total output of 355 million tonnes in 2009.
Coke futures will help the country's steel and coke enterprises hedge risks and improve pricing mechanisms, it said.
It also said the move will be conducive to guiding investment and restraining blind expansion in the sector.
