June 6, 2007

China securities regulator approves rapeseed oil futures

China's Securities Regulatory Commission Tuesday (Jun 5) said on its website that it has given approval for Zhengzhou Commodity Exchange to trade rapeseed oil futures.

However, the regulator did not say when the new product will be officially launched on the exchange, which will be the first bourse in China to trade rapeseed oil futures.

China is the world's biggest producer and consumer of rapeseed oil.

In 2005, domestic output totalled 4.31 million tonnes while consumption totalled 4.55 million tonnes, accounting for 26 percent and 28 percent of the world's total, respectively.

Currently, Zhengzhou Commodity Exchange trades wheat, cotton, sugar and purified terephthalic acid futures, or PTA futures.