By Wang Lan (China Daily)
Updated: 2008-01-14 11:38

Market insiders predicted nonferrous metals will maintain an upward spiral in the longer term, with prices fluctuating within a wide margin in the year to come.

"Copper futures prices are expected to touch $10,800 per ton in the international market in 2008, with China's fast increasing demand being the major driver," says Li Jingyuan, an analyst at Haitong Futures.

Despite an expected positive price trend in the longer term, industrial analysts also show concern about the potential uncertainties hanging over global economic growth resulting from the expected drop in US demand.

Cooperation with foreign exchanges also helps the SHFE exert increased influence on the international futures market.

Last November, the SHFE inked a deal with the Central Japan Commodity Exchange to cooperate in a wide range of fields, including information sharing, staff training, product research and development and market promotion.

Experts say such cooperation not only benefits both exchanges but also helps Shanghai gather growing momentum in the financial sector.

According to SHFE president Yang Maijun, the exchange will seek more cooperation opportunities with other exchanges and will further expand its product range to better serve the nation's economic development.

Home to the China Financial Futures Exchange (CFFEX), where the upcoming CSI300 index futures is to trade, Shanghai is also playing a crucial role in the construction of the mainland's newborn financial futures market.

The CFFEX, which began in late October 2007, has approved a total of 65 member futures companies. Analysts say the CFFEX's membership system is widely seen as a major step forward to the launch of the mainland's first index futures.

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