Shanghai Metals Market Launches China Previous Metals Price Index

SHANGHAI, Aug. 1 (SMM) – Shanghai Metals Market will launch its China Previous Metals Price Index from August 1 on its both Chinese website (www.smm.cn) and English website (www.metal.com).

The index, compiled by SMM and Zhejiang Gongshang University, is to reflect previous metal prices in China’s domestic spot market based on prices of gold, silver, platinum and palladium. Trade value of the four accounted for 99.16% of the total in domestic previous metals market in 2012. 

“After over eight months of development and trial run, we are delighted to launch the index from August 1”, said Tong Leshen, SMM’s General Manager. “The launch of the index gets overwhelming support from market participants, and will serve as a reliable tool for operation, investment, research and supervision in China’s domestic previous metals market”, added Tong. 

Zhang Minxiang, head of Shanghai Nonferrous Metals Trade Association, highly spoke of SMM’s launch of the index following the launch of SMMI and SMM Yangshan Copper Premiums.  

The launch is in response to China’s growing influence in international previous metals market and to gain influence over the pricing.

China is now world’s biggest consumer of gold, platinum and palladium, and China is also world’s second largest processing country of silver.