ICBC has recently launched Account-based Base Metals and Agricultural Products trading business, which allows Chinese retail investors to access the international commodity market trading at lower thresholds. ICBC has currently launched Account-based North America Copper and Account-based Soy in this business innovation. Account-based North America Cooper is linked to COMEX’s copper futures contracts and Account-based Soy to CBOT’s soy futures contracts. ICBC is known as the first commercial bank to launch such products in China.

According to a relevant head of ICBC, the Bank’s Account-based Base Metals and Agricultural Products are designed to buy or sell base metals and agricultural products shares in RMB or USD. Only quantities are measured and withdrawal of physical base metals and agricultural products are not allowed. The product will be launched in tranches, which can be subscribed both at ICBC counters and via internet banking channels. Personal internet banking customers can log onto the Internet Banking Homepage, enter the column of “Account Products” and select “Account-based Base Metals” or “Account-based Agricultural Products” for easy transactions. Specifically, types of trading include buy to sell and buy after selling, and trading methods can be classified as real-time trading and pending order trading (120 hours at maximum), where pending order trading is divided into make-profit pending order, stop-loss pending order and two-way pending order.

Industry insiders pointed out that ICBC has innovatively developed account-based trading products system based on account-based precious metals. The product portfolio has been enriched to cover account-based precious metals, account-based crude oil, account-based foreign exchange, among others. Account-based Base Metals and Agricultural Products launched by ICBC this time will not only enrich the existing account-based trading product line, but also help ICBC further satisfy diversified investment and trading demands of retail investors and enable domestic customers to access international commodity market trading at lower thresholds. In addition, ICBC has pioneered in the account-based Base Metals and agricultural products in China, which will boost the development of domestic precious metals, commodities and foreign exchange markets in the long run.