Gold Futures start trading tonight on the Shanghai (China) exchange

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Gold Futures start trading tonight on the Shanghai (China) exchange

posted on Jan 08, 2008 07:13AM

With gold surging to record highs adding the Chinese to gold future trading is like throwing gas on a fire. The Chinese start trading gold tomorrow (January 9) on the Shanghai exchange. Thats about 9 pm EST tonight for those living in North America. The 209.99 RMB/Gram starting price referred to in the article converts to a $899USD opening bid. Some of todays trading is being seen as pre-Shanghai trading activity.

Source: http://asiarisk.com.hk/public/showPa...

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Shanghai launches gold futures

8 January 2008

The Shanghai Futures Exchange (SFE) will launch trading in gold futures on Wednesday, January 9. The contract size has been set at 1,000 grams, rather than 300g as earlier announced, chiefly to discourage speculation by individual investors.

The seven contracts – June, July, August, September, October, November and December 2008 – to be launched on Wednesday will all begin trading at a price of 209.99 renminbi a gram, the China Securities Regulatory Commission (CSRC) said.

The exchange will impose strict risk controls on trading and has set a minimum margin requirement of 7% of the contract...