Money

Dalian Commodity Exchange to launch coke futures

(Xinhua)
Updated: 2011-03-10 10:44

BEIJING - China's Dalian Commodity Exchange will launch coke futures trading this year to provide new hedging tools for the industry, Liu Xingqiang, general manager of the exchange, told reporters in Beijing on Wednesday.

"The coke industry has witnessed frequent price fluctuations in recent years. The spot enterprises have an urgent need to stave off the risks," Liu said, adding that the listing will help to promote a more regulated mechanism in the industry.

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Preparation work for the trading is underway, he said.

The coke industry plays an important role in China's booming economy, with annual output and consumption both above 300 million tons in recent years, according to Liu.

The plan comes as China pledges to advance the development in the futures and financial derivatives market in the five years to 2015.

The Dalian Commodity Exchange mainly trades agricultural products, but it aims to expand into a more comprehensive market in coming years.