May 4, 2018 / 3:39 AM / a year ago

Glencore first foreign firm to trade iron ore futures after China opens market

DALIAN/MANILA, May 4 (Reuters) - Global trader Glencore carried out the first trade by a foreign firm for Chinese iron ore futures on Friday, the first day that the Dalian Commodity Exchange opened the contract to overseas investors, the exchange said.

Iron ore is the second commodity China has opened to outside investors after launching crude oil futures in March. The move is expected to increase trading in the contract, which was launched in 2013 and is already among China’s most liquid derivatives.

Reporting by Muyu Xu and Manolo Serapio Jr.; Editing by Christian Schmollinger

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