LONDON, June 20 (Reuters) - Bank of China International (BOCI) launched on Wednesday a suite of Chinese commodities indices, billed as the first ones to track major onshore Chinese future markets in the sector.
In the first phase, BOCI is launching the China Commodities Composite Index, with five sub-indices covering agriculture, base metals, ferrous metals, energy and industrial chemicals and precious metals, the bank said in a statement.
BOCI is the investment banking arm of state-backed Bank of China Ltd , the country’s No.4 lender by market value.
“The Chinese commodities market is becoming too big to ignore,” said E-Lei Lau, head of BOCI Commodities Structured Products, adding that the index included many commodity niches that only have traded liquidity in onshore China, particularly in ferrous metals and petrochemicals. (Reporting by Eric Onstad Editing by Edmund Blair)