New bourse gets $57M metal deliveries

    138

    The first deliveries of metal on the Shanghai International Energy Exchange’s (INE) bonded copper futures saw a total of 6,225 tons worth 370 million yuan ($56.85 million) changing hands, the bourse said on Monday.

    The yuan-denominated futures, which are open to overseas investors, were launched in November last year and are designed to eventually give China, the world’s top copper consumer, more influence over pricing.

    The front-month contract, for delivery in March, expired on March 15 and those who sold copper on it then had five trading days to fulfill the obligation to hand over metal to buyers.