China to add corn, cotton futures products

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Last updated at: (Beijing Time) Monday, March 08, 2004

China to add corn, cotton futures products

Corn futures will likely be put on China's commodity futures market as early as April or May and cotton futures may get the green light shortly.

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Corn futures will likely be put on China's commodity futures market as early as April or May and cotton futures may get the green light shortly.

Zhu Yuchen, president of the Dalian Commodity Exchange, one of China's three futures exchanges, was quoted by Monday's China Daily as saying that they are preparing for the corn futures trading.

"We are not sure of the timetable yet since it needs final approval from the State Council but hopefully it will be in April or May," Zhu said, "Or if regulators need more time, it may be settled in autumn."

The exchange also plan to launch a new soybean contract soon to enrich its soy product series, insiders said.

Another futures exchange Zhengzhou Commodity Exchange, located in central China's Henan Province, has been applying for cotton futures.

The application is in progress and may by allowed within the year, or even in the first half of the year, the exchange source said.

It also has a new wheat contract to be launched and is working on new products like sugar and rapeseed, said Ji Guangpo, a manager at the marketing department of the exchange.

Some foreign companies have dabbled in the futures market in China indirectly though the country does not allow them to conductfutures trading.

"We are considering making some foreign companies special members of our exchange but they can not be dealers," Zhu said.

Foreign companies can be either foreign producers or consumers of the commodities traded in the country's futures market.

As one of the representatives of the securities and futures industry at the 10th National People's Congress, Zhu submitted several proposals over the weekend to the legislature to amend theprovisional regulation on futures trading management.

The regulation, enacted in 1999, set up barriers including banning futures brokerages from making investments for their own profits or engaging in overseas trade.

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