Source: Adobe Stock/Gina Sanders
Two major exchanges have teamed up to offer gold and other precious metals contracts in China and stubbornly low copper prices have claimed another
New Chinese Gold Contracts Coming
Hong Kong Exchanges and Clearing Limited and the Shanghai Gold Exchange have teamed up to possibly develop precious metals contracts and boost links between markets, the bourses said on Wednesday.
The exchanges signed a memorandum of understanding “to consider various potential areas of mutual interest, including joint development of precious metals products and cross-market connectivity,” the companies said in a statement.
The move comes as China is close to establishing a yuan/renminbi price fix on gold, which could give buyers in Asia more power over the bullion trade.
Chile Copper Exploration Forum Canceled
An exploration forum slated to take place next month in Chile as part of one of the copper industry’s biggest annual events has been canceled. The continued fall in the copper price has hurt demand, organizers said on Wednesday.
The Exploration Forum, which would have been in its ninth year, was due to take place in Santiago on April 4. It has become the traditional opener to the CESCO/CRU week, a copper-focused event that draws attendees from across the global industry.