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Reuters reported a financial firm backed by a Chinese bank plans to launch China’s first physical-nickel backed exchange-traded fund (ETF) later this year.
Reuters reported a financial firm backed by a Chinese bank plans to launch China’s first physical-nickel backed exchange-traded fund (ETF) later this year.
The market news is quoted as saying,
The source did not say how the ETF would be traded but said it was likely to start with at least 10,000 tonnes of refined nickel.
The ETF, if launched, would be operated by a bank-backed Chinese financial firm, which is expected to buy metal from local suppliers, including a large Chinese nickel importer, two trading sources said.