May 25, 2018 / 1:12 AM / a year ago

Singapore's new palm olein futures starts first day trading at $635/T -exchange

KUALA LUMPUR/SINGAPORE, May 25 (Reuters) - A new palm olein futures contract started trading on Friday on the Asia Pacific Exchange (APEX), Singapore’s newest and third derivatives bourse.

The U.S. dollar-denominated September futures contract opened at $635 a tonne and was last 1.1-percent lower in initial trading.

The bourse is backed by Eugene Zhu, a former CEO of China’s Dalian Commodity Exchange. APEX has said its major shareholders include Chinese conglomerate CEFC China Energy, Chinese futures commission merchant Xinhu Group and other international investment funds.

Reporting by Emily Chow in Kuala Lumpur, Naveen Thukral in Singapore Editing by Joseph Radford

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