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Australia : Stock Exchange Starts Wool Futures Trading |
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2003-9-10
Representing a significant development for the Australian wool industry as they were based on the dominant Chinese export market specifications the Australian Stock Exchange (ASX) started trading in wool futures contracts.
China has grown in recent years to become the largest importer of
Australian wool, importing around one third of the total clip.
ASX managing director Richard Humphry said the launch of the wool futures contracts complemented its grain futures contracts which were launched in May.
"The grain futures contracts, along with index and property futures
contracts trading on ASX Futures Exchange (ASXF) continue to go from strength to strength," Mr Humphry said.
"The addition of wool futures is in line with our strategy of
broadening our product range and offering innovative futures products.
Wool exporter Michell Australia Pty Ltd managing director Andrew Thomas said the wool futures contracts were likely to develop into the international pricing benchmark for wool.
The three contracts, known as ASXF 19.5, 21.0 and 22.6 Micron China Type Wool Futures.
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