18 May '11, 3am

New HK commodity exchange to give Asia bigger role

A new commodity exchange began trading Wednesday in Hong Kong as the Asian city attempts to challenge established markets in Europe and the U.S. The only product available to trade so far on the Hong Kong Mercantile Exchange is a futures contract for 1 kilogram of gold with physical delivery in Hong Kong. But there are plans for other products involving precious and base metals, agriculture, energy and commodity indexes. Officials have also hinted at products denominated in yuan as investor demand grows for China's gradually strengthening currency. Exchange officials said that Asian countries, especially China and India, have been driving demand for global commodities and the new exchange is aimed at helping traders in the region have a bigger say in setting prices. Trading of gold and other major commodities has traditionally been dominated by exchanges in Chicago, New Yo...

Full article: http://sg.news.yahoo.com/hk-commodity-exchange-asia-bigge...

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