亚洲精品久久久久久一区二区_99re热久久这里只有精品34_久久免费高清视频_一区二区三区不卡在线视频

Zhengzhou Commodity Exchange has got the long-awaited go-ahead to trade sugar futures, an exchange official disclosed. However, the specific start date has not been decided.

 

"We have got the formal government approval to launch the white sugar futures," said the official, who did not want to be identified.

 

"The specific time on when it will be officially traded has yet to be decided, but I think it will happen soon, probably right after the New Year," the official added.

 

The introduction of sugar futures will bring the number of commodity items traded in the Zhengzhou exchange to three, alongside wheat and cotton.

 

The exchange, one of the three commodity exchanges in China, has been studying sugar futures since 1999.

 

The approval of the sugar futures, which is the only futures contract approved this year, was hailed as a "positive step in the futures market" by analysts, who say the addition of new futures products will give new impetus to the market.

 

Currently, only eight commodity items are traded on the country's three futures exchanges: copper, aluminium, oil fuel and rubber in Shanghai, and soybean and corn in Dalian.

 

Three products (cotton, corn, oil fuel) were introduced last year.

 

"Sugar is a well-suited product for China's futures market as the country is both a major producer and consumer. This means there will be adequate numbers of participants in the market," said Chen Xu, a futures analyst with Beijing-based Jingpeng Futures CoLtd.

 

China is the world's third largest sugar producer and consumer.

 

"The introduction of sugar futures will provide a much-needed risk-hedging tool for related enterprises as sugar, the output and production of which is closely related to weather conditions, is constantly seeing violent price fluctuation," the analyst said.

 

"But the same as any product which fluctuates, it will also attract an army of speculators to the market," the analyst warned.

 

White sugar futures were introduced in 1993, but wild speculation and manipulation prompted the government to suspend trading in 1994.

 

Analysts say the market will need time to develop.

 

"It will take some time for the market to warm up to the new product," said Chen Zhiqiang, a futures analyst at China International Futures Co Ltd, the country's largest futures brokerage.

 

"The market players need to be familiar with it."

 

All of the three exchanges are busy preparing for introduction of new futures products.

 

Besides sugar, the Zhengzhou exchange, located in Central China's Henan Province, a major agricultural base, is also studying and preparing for other futures.

 

"We are still actively studying other futures contracts such as the rapeseed oil and a commodity index," said the exchange official.

 

"But we have not decided which product we will first submit to the regulator for approval", the official said.

 

The exchange is also exploring round-the-clock trading hours.

 

Dalian Commodity Exchange, the biggest agriculture commodity futures exchange in China, has already submitted an application for launching soy oil futures, while Shanghai Futures Exchange is preparing for the introduction of steel futures.

 

Futures industry insiders say the Dalian exchange, which already trades soybean futures, will launch its soy oil futures late next month.

 

"We are still awaiting the final nod from the regulator," Wang Weijun, an official with the Dalian exchange said.

 

"The application results will come around New Year time," Wang predicted.

 

"The specific trading time will then depend on when we receive the green light," he added.

 

Shanghai Futures Exchange was not available for comment yesterday about its progress on steel futures.

 

(China Daily December 29, 2005)