“In terms of promotion of the internationalization of the renminbi and weakening of the pricing power of the [London Metal Exchange] and CME: 'To be or not to be, that is the question,'” Minmetals (UK) Ltd acting managing director Liangmin Gu said.
“The successful launch of a contract requires a lot of conditions - the [INE] international copper contract has only been launched for three months and the transaction volume is much, much smaller than the volume on [the Shanghai Futures Exchange] and London,” Gu said.
But if, one day, trading grows rapidly and the price of the INE copper contract is accepted more widely or popularly, it could play a more important role.
"Who knows,” he said during the virtual Fastmarkets Copper Seminar last week.
Who knows, indeed. Gu pointed out to delegates that the LME was created due to the United Kingdom's role at...