Fri, 18 Oct 01:10:00 GMT
SINGAPORE, Oct 18 (Reuters) - China's first iron ore futures opened nearly 2 percent higher in brisk volume on their debut on the Dalian Commodity Exchange on Friday, suggesting strong investor appetite in the world's top consumer of the raw material.
The most-active May contract opened at 978 yuan a tonne ($160 a tonne) versus the base price set at 960 yuan. It rose as high as 984 yuan and was trading at 972 yuan by 0104 GMT, up 1.3 percent.
The iron ore futures contract is China's latest attempt at boosting its power to price the world's second-largest traded commodity after oil, as a more volatile iron ore market exposes its legion of steel mills to more risks.
($1 = 6.0982 Chinese yuan)
(Reporting by Manolo Serapio Jr. and Ruby Lian; Editing by Richard Pullin)