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QINGDAO TODAY
在线翻译:
szdaily -> Business/Markets -> 
Qianhai plans to extend spot-trading commodity platform
    2018-11-05  08:53    Shenzhen Daily

QIANHAI Mercantile Exchange (QME) plans to add more commodities to its spot trading platform, possibly including metals needed for electric vehicles.

The QME, owned by Hong Kong Exchanges and Clearing (HKEX) , launched spot trading Oct. 19 with alumina, the raw material for aluminum.

The exchange chose alumina because there was not a credible Chinese benchmark price for the ore, said Matthew Chamberlain, head of the HKEX-owned London Metal Exchange (LME).

“It’s clear in our discussions that there’s a big niche for discovering the price of alumina in China and that will extend to a whole bunch of other commodities,” Chamberlain said.

When asked if the QME could trade metals used in batteries for electric vehicles, Chamberlain said: “We strongly believe that the idea of spot trading platforms could help across commodities, and why not battery metals? ... Nothing’s off the table.”

The LME, meanwhile, intends to use a blend of prices from two price-reporting agencies as the benchmark for the cash-settled alumina contract it plans to launch early next year, Chamberlain said, adding to a cash-settled futures contract for electric vehicle metal cobalt, slated for early next year, followed by lithium, possibly in 2020.

The QME’s emphasis on trading bulk and upstream physical commodities would complement the LME’s focus on futures, Chamberlain added.

The launch of the QME, located in Shenzhen, ended HKEX’s long wait for access to the mainland.

When HKEX bought the LME in 2012, it outlined a strategy to expand into the metals market on the mainland, but progress has been slow.

China has not allowed the LME — the world’s oldest and largest market for industrial metals — to establish its own warehouses on the mainland, but Chamberlain said he was encouraged by news Wednesday about C. Steinweg, an approved LME warehouse provider.

The logistics and warehousing firm said it had been approved by the Shanghai Futures Exchange as the first fully foreign-owned official warehouse on the Chinese mainland. (SD-Agencies)

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