China, the world’s top rice producer and consumer, will start trading Japonica rice futures on Nov. 18 on the Zhengzhou Commodity Exchange, Xinhua news agency reported late Tuesday. The exchange has received approval from the China Securities Regulatory Commission to launch the futures contract. The benchmark price for Japonica rice contracts will be set at 3,050 yuan (US$500.65) per ton, according to the exchange, which has also listed other rice futures. The country’s Japonica rice output stood at 64.44 million tons in 2012, accounting for 31.5 percent of its total rice production, the report said.
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