China's Qianhai Mercantile Exchange launches copper rod trading [Reuters]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Reuters
China's Qianhai Mercantile Exchange launches copper rod trading - Reuters 2 Min Read BEIJING (Reuters) - The Qianhai Mercantile Exchange (QME), a mainland China spot commodities platform owned by Hong Kong Exchanges and Clearing Ltd, said it started trading in copper rods on Friday, adding to existing trade of alumina and aluminum products. A total of 641.86 tonnes of copper rods changed hands on the first day of trade, with a turnover of 29.94 million yuan ($4.23 million) and five domestic market participants, the Shenzhen-based QME said in a statement on its website. HKEx, which also owns the London Metal Exchange, wants the QME, located just 50 kms (30 miles) from Hong Kong, to give it much coveted access to the world’s largest copper market, and is also in talks with the authorities in the southern Guangdong province about LME warehousing in mainland China. “In the future, the QME copper rod price will gradually cover the main copper rod consumption areas” the statement said, addi
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