Glencore Carried Out the First Contract of China Crude Oil Futures

China’s crude oil futures were officially listed at Shanghai International Energy Exchange on March 26, 2018. This is a historic event. The futures launch is historic because it is the first time that foreign traders have access to a Chinese commodity market. China will waive income tax for foreign investors trading the country's new crude oil futures contract for three years so as to attract more overseas capital for the launch.

On March 26, Glencore grabbed the first contract of China crude oil futures in the call auction stage via Straits Financial Services to entrust Xinhu Futures.

There were 413 enterprises took part in the call auction. The enterprises participated in the call auction were as follows: China National United Oil, Unipec Asia, CNOOC Petrochemical Import & Export, Sinochem Oil, North Petroleum International, Guangzhou Huataixing Petrochemical, Shandong Wonfull Petrochemical, Trafigura, Glencore (Singapore), Freepoint Commodities (Singapore), etc. Therein, North Petroleum International, Trafigura and Glencore (Singapore) took part in the transaction via entrusting ICBC International Futures, CME Group and Xinhu Futures respectively.