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Asia Pacific Exchange kicks off Singapore trading with palm oil futures

Commodities

Asia Pacific Exchange kicks off Singapore trading with palm oil futures

Reuters Published on Fri, May 25, 2018 / 3:19 PM GMT+8

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SINGAPORE/KUALA LUMPUR (May 25): Singapore's third derivatives exchange kicked off trading on Friday with the launch of palm oil futures, as the largely China-backed bourse looks to get a foothold in the region in preparation for other contracts down the line.

The Asia Pacific Exchange (APEX) hopes the US dollar-denominated palm olein futures will give traders another option beyond benchmark ringgit-denominated contracts, and is touting the market as a place for Southeast Asian sellers and other international players to get access to Chinese buyers.

"Right now, China's market is more domestic, we are trying to bring out the Chinese market to international players," APEX's Chief Executive Eugene Zhu told reporters after the launch.