51 foreign investors have taken advantage of the opportunity to enter the Chinese market for iron ore futures since the opening up of trades for foreign investors on the Dalian Commodity Exchange (DCE).
The move aims to play a piloting and groundbreaking role in further enriching the variety of China's futures market and also marks the first step in the DCE going international.
With high market liquidity and a good investment structure, overseas investors including Swiss mining giants Glencore and Mercuria Energy Group have traded on the DCE, located in northeast China's Liaoning province.
Besides, 26 overseas brokerage firms have completed 33 sets of entrusted services through domestic futures companies, which will provide more services to foreign customers.
By including overseas investors, prices can better reflect the global iron ore market, said Xu Danliang, a council member of China Futures Association.
"The participation of major investors in both domestic and international markets will make the price more open and transparent and better reflect the true global supply and demand," said Xu.
Within the one-month period from May 4 to June 3, the daily average trading volume of iron ore futures reached 1.37 million contracts, with a turnover of 64.23 billion yuan, and a daily average open interest of 1.1 million contracts. And the price of SC1809 contracts ranged from 449 yuan a tonne to 494 yuan a tonne.
Sources:cctvplus
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