CORRECTED-UPDATE 1-HKEx to launch copper, aluminium and zinc mini-futures
(Corrects copper contract to 5 tonnes in paragraph 2, from 10 tonnes)
HONG KONG/LONDON, April 22 (Reuters) - Hong Kong Exchanges and Clearing Ltd plans to begin trading copper, aluminium and zinc mini-futures contracts this year, it said in a statement on Tuesday.
The new HKEx contracts, for 5 tonne lots for aluminium, zinc and copper, rather than the 25 tonnes on London Metals Exchange futures, would be settled in cash with Chinese renminbi, the statement said.
"The rationale behind our Asia commodities platform is to meet the needs of the industry here in Asia. This is just the beginning of our Asia Commodities plan," said HKEx Chief Executive Charles Li.
The contracts will all be monthly cash-settled futures, covering the spot month and will be a monthly contract. HKEx expects the renminbi contracts will offer currency convenience for its Asia clients.
(Reporting by Polly Yam and Maytaal Angel; Editing by David Goodman)
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