- Write by:
-
Wednesday, March 25, 2020 - 5:39:54 PM
-
636 Visit
-
Print
Mining News Pro - China`s first iron-ore futures-based exchange traded fund (ETF) has raised $11-million from institutional investors and clients at private banks, according to the manager of the fund, which will list in Hong Kong on Friday.
According to Mining News Pro - The ETF, managed by the Hong Kong unit of Chinese broker Shanxi Securities Co Ltd - Shanxi Securities International Asset Management Ltd - will track the Dalian Commodity Exchange (DCE) iron ore futures index and use its closing price on March 20 as a benchmark.
The fund will give investors exposure to the iron ore market in China, the world`s top consumer of the steelmaking raw material, which imported more than 1 billion tonnes last year.
It will start trading on secondary market on the Hong Kong Exchange on March 27 at $0.9537 per unit, according to William Zhang, director of Shanxi Securities International.
The product can be traded in both U.S. dollars and Hong Kong dollars, and participation is not limited by China`s qualified foreign institutional investor (QFII) quota, according to a prospectus filed with the Hong Kong Securities & Futures Commission and a statement on Shanxi Securities International`s website.
"Iron ore is the second-largest commodity in terms of the trade volume in the world. The ETF can provide an option for asset allocation," Zhang said, adding that the DCE`s recent internationalisation would help the fund attract overseas investors.
The DCE, which opened up its flagship iron ore futures to international investors in 2018 and saw nearly 3 million lots traded last year, did not immediate reply to a request for comment.
Short Link:
https://www.miningnews.ir/En/News/506650
Around $7 billion of infrastructure investments in the Democratic Republic of Congo by Chinese companies in a revised ...
China’s leading metals companies, including its state iron ore buyer, are considering their next moves following BHP ...
Jiang Weiping, the founder of major Chinese lithium producer Tianqi Lithium Corp., resigned as chairman after the ...
Iron ore futures prices fell on Monday after weak industrial data in top consumer China and the completion of of ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
No comments have been posted yet ...