September 21, 2018 / 1:25 AM / a month ago

Trafigura among 1st to trade Shanghai copper options at launch - source

BEIJING/SHANGHAI, Sept 21 (Reuters) - Swiss trading house Trafigura was among the first to trade Shanghai Futures Exchange (ShFE) copper options at their debut on Friday, according to a source, as the Chinese commodity exchange aims to challenge its New York and London rivals.

About 842 contracts, equivalent to 4,210 tonnes of copper, changed hands in the first five minutes of trading, with the majority in January, the first active month.

Options help metal consumers, producers and traders manage price exposure. A contract gives the buyer the right - but no obligation - to assume a futures position at a specified price.

Reporting by Josephine Mason in BEIJING and Tom Daly in SHANGHAI; editing by Richard Pullin

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