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