Standard Resources Plan To Expand Physical Copper Trade In China
Post on: 2011-11-02 By: admin
SHANGHAI -(Dow Jones)- Standard Resources (China) Ltd., a unit of South Africa's Standard Bank, plans to expand its physical copper trade in China, Zhao Xigang, managing director of base metals, told Dow Jones Newswires. "We've supplied 100,000 [metric] tons of copper cathode to the domestic Chinese market so far this year, and we'll continue to expand [the copper business] quickly," he said recently. The move indicates that foreign investment banks are eager to extend their forays in mainland China against a backdrop of booming demand for commodities in the world's second-largest economy. Zhao said the unit, which started its own physical trade business in the mainland in 2007, primarily focuses on copper, supplying concentrate and cathode to the domestic market. The unit has no immediate plan to become a member of the Shanghai Futures Exchange, but will consider the option when China's securities regulator relaxes its tight grip on commodity trading in the country, Zhao said. "We see the potential that China will open up more [in commodities] in the future. We are closely monitoring regulation and policy changes on Chinese exchanges and will actively participate," at the appropriate time, Zhao said. Foreign banks and their units aren't allowed to directly trade on the SHFE unless they have a joint venture with a Chinese partner or have obtained approval from China's securities regulator. HSBC China was recently granted a membership of the exchange, but is only allowed to trade gold futures, instead of all nine commodities that include copper, aluminum, zinc and lead. -Yue Li contributed to this article; Dow Jones Newswires; (8621) 6120 1200; yue.li@dowjones.com Copyright © 2011Dow Jones Newswires
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