News 475 views last update:Jul 1, 2008

Pork to debut on Korean futures market

Pork, which is a bigger meat industry in Korea than beef, will be traded on the futures market from 21st July, making it the 15th futures item in Korea the nations' bourse has said.

“The newly launched commodity futures product is expected to help stabilize food prices and assist producers in a major industry”, said Kong Do-hyun, a senior manager for product development at the Korea Exchange's futures market division.

Pork will be the first agricultural product to be listed on the futures market and was chosen due to the high volatility of its price. Korea will become the third country to list pork futures, following the United States and Germany.

The production size of the pork market in Korea was 3.6 trillion won ($3.5 billion) last year, the second biggest agricultural product in Korea next to rice, the KRX said.

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