Ningbo Bulk Commodity Exchange Opens

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Category: Governmental News

Published: Tuesday, 22 November 2011 09:05

On November 11, the Ningbo Bulk Commodity Exchange formally opened at Ningbo International Conference and Exhibition Center. Zhao Hongzhu declared the opening of the exchange and Wang Huizhong knocked gongs for the opening of the cathode copper trading, the first item of the exchange.

Xia Baolong, Chen Min’er, Pang Xiusheng, Wang Qinhua, Liu Qi and others also attended the opening ceremony.

Building a bulk commodity exchange platform is an important measure to carry out the national marine economy strategy, build the core demonstration zone of marine economy and forge the “trinity” of port, shipping and logistic service system. It is also an important move to deeply implement the “Six Speed-Ups” strategy and promote economic restructuring.

It is learned that Ningbo Bulk Commodity Exchange is an exchange for bulk commodity spot transaction and risk management tools for companies. It is operated mainly through internet, e-business and modern financial technology to connect the two markets at home and abroad and build the multi-spot settlement trading exchange platform.

The exchange mainly uses two transaction modes: spot deferred transaction and spot matching transaction. It aims to realize six functions: trading, financing, warehousing and logistics, information services, investment and hedging, providing public and transparent platform for production, trading and consumption companies to raise funds, save cost, increase trading chances and speed up capital turnover.

The exchange has been planned since last year. It has fully learned the successful experience in bulk commodity exchange both at home and abroad through market research and chosen cathode coppers as its first exchange item. Meanwhile it has signed cooperation contracts with several financial institutions, commodity inspection institutions and warehousing and logistics companies, having basically formed a network of trading, financing and logistics serving. Now the exchange has recruited 50 founding traders and nearly 200 companies have intentions to join.
In coming five years, the Ningbo Bulk Commodity Exchange will mainly be characterized in the following five areas: energy, metals, petroleum chemicals, mineral products and agricultural and forestry products and become a multi-functional, convenient and popular exchange, making it an important comprehensive commodities trading and pricing center in East China and other parts of China