Coke futures gain 3.1% on first day of trading in China

04/15/2011 | Bloomberg

Coke futures started trading on China's Dalian Commodity Exchange, rising 3.1% in their debut as producers aimed to hedge risk. Coke for September delivery rose from the base price of 2,180 yuan a metric ton, set by the exchange, to close at 2,247 yuan. "Listing the coke futures, the first in the world, will help improve hedging tools on the steel industry chain," said Wu Wenan, an analyst with HNA Topwin Futures. "But trading of coke futures won't be very active as spot prices are going down. Not many would like to go long at the moment."

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