Contract sizes will be 5 tons, with a contract duration of 12 months and a minimum price fluctuation of 2 yuan/ton, Chinese media reported. ZCE is targeting to list the two new products to help domestic polyester industry companies avoid price risk and strengthen their price discovery.
ZCE listed futures for PTA, the main feedstock of polyester products, in December 2006. PTA futures transaction volumes during January-August this year reached 240 million contracts, accounting for 10 per cent of the total transaction volume in China's futures market, with a daily trading volume 1.47 million contracts.
China is currently the world's largest polyester producing country, operating more than 55 million tons per year of polymerisation capacity. This includes 10 million tons per year of PET bottle chip and 7 million tons per year of PSF capacity. (RKS)
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