Nov. 28, 2012 (China Knowledge) - China Securities Regulatory Commission
, the country's securities watchdog, said that it has approved the trading of glass futures on Zhengzhou Commodity Exchange, sources reported.
The commission said in a statement published on its website that the Zhengzhou Commodity Exchange had completed the preliminary design of lead futures contracts and drawn up strict rules on transactions, settlements and deliveries.
said that glass futures would optimize glass pricing mechanism, help the country's glass-related enterprises hedge risks and promote the implementation of glass industry policy.
China is the world's largest producer of plate glass, which accounted for over one half of the world's total. In 2011, China's plate glass output hit 39.25 million metric tons, with output value of over RMB 60 billion. Meanwhile, the country exported nearly 2 million metric tons of plate glass in 2011.