BEIJING, Aug 14 (Reuters) – China’s securities watchdog has approved the new cotton yarn contract to be traded at the Zhengzhou Commodities Exchange, according to an exchange statement issued on Monday.
Contract starts trading on Aug. 18, with daytime bidding starting around 0855-0900 am. Night trading starts on the same day at 0900-1130 pm.
First contracts will be CY1801, CY1802, CY1803,CY1804, CY1805, CY1806, CY1807 and CY1808, with each contract’s base price set at 23,000 yuan per tonne. (bit.ly/2fExqpq)
Price move limits are set at 8 percent above or below the base price, and margin requirement at 5 percent. (Reporting by Chen Aizhu; Editing by Sherry Jacob-Phillips)