On February 26, Henry Bath Warehousing (Shanghai) Co., Ltd., a CMST subsidiary, was approved the Designated Delivery Warehouse for INE bonded copper futures, according to the second list for such warehouses released by Shanghai International Energy Exchange Co., Ltd., or INE. This follows the previous approvals of CMST’s Shanghai CMST Lingang Logistics Co., Ltd. and Shanghai CMST Material Inspection Co., Ltd., as the Designated Delivery Warehouse for INE bonded copper futures and Designated Inspection Agencies for bonded copper futures respectively in the first batch lists.

The bonded copper, also known as the international copper futures, is a kind of futures launched by INE in the international market in the end of 2020. This is the first time that the ‘double contract’ mode has been adopted in China’s futures market to realise internationalization. With China becoming the largest producer and consumer of refined copper in the world, the listing of international copper futures means that copper, as an important commodity, is expected to take the lead in integrating into the international pricing system and forming a ‘China price’ with global participation.

The recognition of both CMST and HB subsidiaries as designated delivery warehouses for INE bonded copper futures, and Shanghai CMST Material Inspection Co., Ltd. as the designated inspection agencies for both Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) equips CMST with a stronger ability in promoting the building of a global-reach modern logistics system with improved functions, better connected network and more international-oriented business layout, and enables the company to contribute more to the real economy and provide better service to the new development paradigm featuring dual circulation, in which domestic and overseas markets reinforce each other, with the domestic market as the mainstay.