Oil, coke feature on first spot trading bourse

SHANGHAI: Tianjin Bohai Commodity Exchange, the country's first spot commodity bourse backed by the local government, is slated to debut trading of crude oil and coke as its first two products, aiming to boost domestic firms' bargaining power in the pricing of the two items in the global market.

The exchange, which is set to launch in Tianjin on Dec 18, also plans to facilitate spot trading in products of non-ferrous metals, iron and steel, and agricultural products in the future, said Yan Dongsheng, chairman of the bourse, during a road show in Shanghai yesterday. He did not disclose a timetable for the expansion.

"We're going to develop a comprehensive spot market in the country so that all commodities traded on our exchange will be brought under spot exchanging," Yan said.