A total of 8,344 lots traded on the INE's 'BC' contract on Thursday, following up with another 4,893 on Friday, the majority for delivery in March.
National Chinese copper behemoths Jiangxi Copper and Minmetals were among the companies to trade the contract, the INE said, while brokers cited physical market participants as early adopters.
The move, which is a year in the marking
, means international market participants can buy and sell copper basis a Chinese price for the first time without needing an entity based in China, promoting the use of the yuan for global trade in the process.
The contract's launch means Shanghai, which already has a dominant contract for copper inside of China on the Shanghai Futures Exchange, is now set to both complement and compete with London and Chicago as a hub for international futures trade in copper, of which China is by far the...