OREANDA-NEWS. December 13, 2011. The Shanghai Futures Exchange (SHFE) is considering launching futures contracts for multiple commodities, especially for crude oil, while moving to prepare for the trading of iron ore futures, according to SHFE general manager Yang Maijun.

Both crude oil and iron ore are crucial products with strategic importance, which have yet to be traded on any futures market in China.

The SHFE can draw expertise from the successful launch of steel futures to better prepare for the trading of other commodities such as iron ore. Yang attributed Chinaбпs impaired ability to gain price-setting power for international commodities to the fact that its futures market is relatively closed to the outside world.