Test of new futures trading in Shanghai

SHANGHAI Futures Exchange will begin testing a system for reinforcement-bar and wire-rod futures trading today as it moves toward expanding the range of contracts it offers.

The test will involve simulations without any real trade taking place, according to a statement posted yesterday on the exchange's Website. It didn't say how long the tests will last. The exchange will set a daily fluctuation limit of 5 percent. The deposit for traders will be 7 percent of the contracts and the trading fee will be no more than 0.02 percent of the contract price.