More of the world's copper looks likely to be priced in China from next year, with the Shanghai International Energy Exchange (INE) set to launch a new contract tradable by international market participants.
The decision to launch, pending regulatory approval, would enable market participants based outside China to trade copper based on a Chinese price, sources told Fastmarkets"It's about developing a service so that the producers and consumers in the Asia region can participate in the regional benchmark, which is the Shanghai price,"John Browning, managing director of China-focused brokerage BANDS Financial told Fastmarkets. "It's providing a hedging mechanism through which these guys can...