China Edges Closer to Crude Futures in Commodity Price Goal
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China took a step closer to adding crude futures to its domestic commodities markets as the world’s second-biggest oil consumer seeks greater influence in determining the price of raw materials.
The Shanghai International Energy Exchange will start yuan-denominated crude futures in the city’s free-trade zone at the end of this year, Lu Feng, an official at the bourse, said at a conference Friday. The contract will trade in 100-barrel lots, with an American Petroleum Institute gravity of 32 degrees and sulfur content of 1.5 percent, he said.