Rozwój rynku terminowego na giełdach towarowych w Chinach i jego powiązania z globalnym rynkiem terminowym – analiza rynku kontraktów futures na metale przemysłowe i szlachetne
The Development of the Commodity Futures Market on Chinese Comm Odity Exchanges and Its Linkages With the Global Commodity Derivatives Markets – Analysis of the Base and Precious Metals Futures Contracts

Summary/Abstract: Purpose – Presentation of the development of the commodity futures market on the commodityexchanges in China and analysis of the relations between futures prices of selected contracts traded in Chinaand on the mature commodity exchanges.Design/methodology/approach – Descriptive and statistical analysis of the development of Chinese commodityexchanges during the period of 2005–2015. Analysis of the correlations between selected futurescontracts quoted on different exchanges.Findings – Fast growth of commodity exchanges in China and their share in the global commodity exchangestrading activity. Strong correlation between prices of contracts traded in China and in mature commodityexchanges. Due to lack of access of foreign investors to Chinese exchanges the correlation may not resultfrom portfolio investors trading activity. Explanations should searched for among fundamental factors affectingcommodity prices.Originality/value – Lack of access by foreign financial investors allows to utilise the analysis of linkagesbetween Chinese and developed commodity futures markets as an alternative tool for verification of thehypothesis of increased influence of portfolio investors on commodity futures prices.

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