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ASX to begin trading Wool Futures
8 Sep 2003
The Australian Stock Exchange will commence the trading of wool futures contracts on Monday September 8, 2003. The three contracts - ASXF 19.5, 21.0 and 22.6 Micron China Type Wool Futures - will commence trading at 0950 (AEST).
The ASX's managing director Richard Humphry said the launch of these contracts complements grain futures contracts, which were launched in May 2003.
The wool futures contracts represent a significant development for the Australian industry as they are based on the dominant Chinese export market specifications, the ASX said.
Andrew Thomas, managing director of wool exporter Michell Australia Pty Ltd, said the futures contracts are likely to develop into the international pricing benchmark for wool.
Tradingroom.com.au, 7/9/03.
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