Shanghai is launching a challenge to London’s dominance in metals trading by issuing a new futures contract for copper that analysts say has the potential to become a global benchmark.
The Shanghai International Energy Exchange (INE) will start trading monthly copper futures denominated in renminbi on Thursday, in contracts based on the metal to be delivered into warehouses in China.
The launch provides the country’s first copper-linked product available directly to overseas investors — following similar initiatives in recent years for crude, iron ore and other commodities.
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