Markets

China approves launch of lead futures trading

(Xinhua)
Updated: 2011-02-19 11:23

BEIJING - The Chinese securities regulator said on Friday that it has approved the trading of lead futures on Shanghai Futures Exchange.

The Shanghai Futures Exchange had completed preliminary design of lead futures contracts and drawn up strict rules on transactions, settlements and deliveries, said the China Securities Regulatory Commission (CSRC) in a statement on its website.

Trading of lead futures would start after the CSRC approved the futures contracts, and the exact time would be decided by the bourse.

Related readings:  China approves launch of lead futures trading  Weather clouds palm oil futures  China stock index futures close mixed - Feb 17  China stock index futures close up - Feb 16

China is the world's biggest producer and consumer of lead, which is widely used in batteries. Since 2001, China's annual consumption of lead has grown by an average 17 percent annually.

In 2009, the country produced 3.8 million tons of lead, accounting for 42.5 percent of the world output, and consumed 3.9 million tons, 40 percent of the global consumption, said the CSRC in a separate statement.