"Dubai Gold & Commodities Exchange, the Middle East’s first derivatives market, plans to offer futures contracts based on polypropylene and the renminbi as it seeks to tap into growing trade with China.
The deliverable plastics contracts, to be denominated in dollars, are being developed in partnership with China’s Dalian Commodity Exchange and are expected to begin trading in the third quarter, Chief Executive Officer Gary Anderson said at a news conference in Dubai today. The six-nation Gulf Cooperation Council, which includes oil-rich Saudi Arabia and the United Arab Emirates, produce more than 20 percent of the world’s plastics and a majority of that flows into China, he said.
The exchange aims to focus on contracts needed within the region, Anderson said. The plastics contract will trade alongside a renminbi futures contract to enable users to hedge their exposure to the currency, he said."
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