China’s first thermal coal futures contract debuted as one of the most heavily traded contracts on the Zhengzhou Commodity Exchange on Thursday as miners, traders and investors were eager to trade it.
Although China is the world’s top coal consumer and producer, its coal derivatives market is relatively undeveloped, and there is growing demand for hedging tools, particularly given that domestic coal prices have fallen steeply this year.
The rollout of China’s first thermal coal contract will also give Beijing greater influence over global prices, analysts said. The move comes as China looks to gradually open up its financial sector in a drive to make economic growth more consumption-oriented.
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Fayen Wong, Reuters via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/MFcEvmIB6sw/
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