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The China Securities Regulatory Commission on Wednesday announced its approval for the trading of zinc futures on the Shanghai Futures Exchange from March 26.

 

Zinc is the first new futures product to be introduced to the country's futures market this year.

 

The new move is meant to provide Chinese zinc enterprises with a hedging instrument and reduce their heavy reliance on international markets.

 

China is the world's largest zinc producer and consumer and is responsible for one fifth of the world's total zinc ore production, but has long been denied a say in the pricing process for the metal. The London Metal Exchange is currently the only current exchange in the world to have a zinc futures market.

 

Last year the zinc futures price surged more than 120 percent on the international markets.

 

According to the Shanghai Futures Exchange, the minimum delivery unit is set at 25 tons and the price will be allowed to rise or fall within a daily limit of four percent of the closing price for the previous day's trading.

 

(Xinhua News Agency March 22, 2007)