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Something Sweet for Futures Traders in China

By Quan Yue and Han Wei / Apr 13, 2019 03:02 AM / Finance



China’s Zhengzhou Commodity Exchange is adding something sweet to its trading list of futures contracts.

Contracts of red date futures will start trading on the exchange April 30 as the latest product to be added to investors’ options amid China’s efforts to diversify its futures market.

According to a draft rule on red date contracts released earlier this month, the minimum trading unit for a red date contract is set at 50,000 tons per lot. The tick size, or minimum price movement, was set at 5 yuan ($0.7441) per ton.

At a press conference Friday, Chang Depeng, a spokesman for the China Securities Regulatory Commission, said the launch of red date futures will add a new derivative option for investors while protecting farmers against big price swings. It will also support the country’s poverty alleviation efforts.

China is the world’s largest producer of red dates, accounting for 98% of global production. Most of China’s dates are grown in poor rural areas.

China’s commodity exchanges in recent years have raced to introduce new futures contracts, from crude oil to bitumen, to tap investor risk appetite and offer price discovery tools.

Related: China’s First Crude Oil Futures Contract to Debut on March 26

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