Shanghai is launching a challenge to London’s dominance in metals trading by issuing a new futures contract for copper that analysts say has the potential to become a global benchmark. The Shanghai International Energy Exchange (INE) will start trading monthly copper futures denominated in renminbi on Thursday, in contracts based on the metal to be delivered into warehouses in China. The launch provides the country’s first copper-linked product available directly to overseas investors — following similar initiatives in recent years for crude, iron ore and other commodities（TSR20 Rubber and PTA i.e. ). Analysts said the new copper contract would help Beijing increase its influence on pricing in a market that is critically important to its economy, and also assist efforts to expand the use of its currency in the global financial system. “China does not want its economy or markets to be shaken by international markets,” , which is part of the Chinese securities group. China’s dominant status as a buyer of the industrial metal, used in everything from household wiring to wind turbines, has been the crucial driver of the market’s rebound from the coronavirus sell-off. Copper hit a two-year high of $7,179 a tonne on Monday on the back of strong demand, reflecting the recovery of the world’s second-largest economy from the pandemic. for market access for INE Bonded Copper Futures please check INE https://qmhedging.blogspot.com/2020/10/ine-circular-on-trading-access-of.html for specifications of INE Bonded Copper Futures please check https://qmhedging.blogspot.com/2020/11/inebonded-copper-contract-specifications.html for market news of bonded copper and other internationalized futures products in China please check https://www.fangquant.com/node/daily-morning
Foreigners probably need a relatively huge amount of deposit to open the account to trade SHFE products.