9 Oct 2010

No trades on first day of dairy futures market

10:22 am on 9 October 2010

There were no trades on the first day of a New Zealand milk powder futures market on the NZX.

The market was launched at 8am on Friday. It closed at 4pm with no trades taking place.

NZX head of markets Fiona MacKenzie says futures markets can take a while to mature.

Futures markets help buyers cope with volatile prices, by allowing them to lock in a price for delivery at a later date.