China to speed up launch of rare earth futures contracts: exchange
[SHANGHAI] China will accelerate the launch of rare earth futures contracts, an official from the Shanghai Futures Exchange told an industry conference on Friday.
The bourse will also speed up the launch of alumina futures, Chen Ye, head of the exchange's Commodity Department, said.
China is the world's largest processor and producer of rare earths, which are used in devices such as cell phones and batteries. There was speculation that it would use its dominant position as an exporter of the mineral after trade talks with the United States broke down in May.
Mr Chen did not mention which rare earth contract will be launched.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Europe: Shares end higher on tech support; banks slide
US: Stocks rally on cooler hiring numbers
Singapore stocks end week in the red; STI down 0.1%
Asia: Markets track Wall Street higher as rate hopes rise, eyes on US jobs
H2G Green chief to stand trial on Aug 5 amid MOM probe
Singapore shares climb at Friday’s open; STI up 0.2%