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Shanghai to Start Silver Futures Trading at RMB 6,166/kg
May 9, 2012 16:42Source:SMM
Shanghai Futures Exchange has decided to start futures trading on Thursday, setting a bench mark price of RMB 6,166/kg.
SHANGHAI, May 9 (SMM) – Shanghai Futures Exchange has decided to start futures trading on Thursday, setting a bench mark price of RMB 6,166/kg.
Silver futures contracts launched include AG1209, AG1210, AG1211, AG1212, AG1301, AG1302, AG1303 and AG1304. Daily gain or loss limit has been temporarily set at 7%, which is doubled for the first trading day. Transaction fees have been temporarily set at 0.008 percent of turnover. No charges will be induced for closing intraday positions on the first day of trading.
Considering performance of other base metals futures during early launch, premiums will show over spot prices. Shanghai Gold Exchange T+D silver price closed at RMB 6,162/kg on May 9, comparing with the average SMM spot silver traded price of RMB 6,215/kg. SMM expects the AG1209 contract to see premiums of RMB 100-300/kg over spot prices in the near term.
Arbitrage trading will be active following start of silver futures trading, which is expected to push up silver prices for the near term in China.
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