June 1, 2017 / 4:56 PM / a year ago

Brazil's B3, S&P Dow Jones Indices launch commodities futures index

SAO PAULO, June 1 (Reuters) - Brazilian stock market operator B3 on Thursday launched the country’s first commodities futures index in partnership with S&P Dow Jones Indices, according to a statement.

With the launch of the Dow Jones/BM&F Commodity Index, B3 said it aims to expand its offerings for commodities derivatives in Brazil, a large producer and exporter of agricultural goods for world markets.

“This partnership will also strengthen B3’s position internationally through the global distribution of the index,” said Fabio Dutra, managing director for client and business development at B3.

The commodities eligible to be included in the index in 2017 are the ones whose future contracts are already traded at B3: crystal sugar, cattle, arabica coffee, hydrous ethanol, corn, gold, oil and soy. The index will be rebalanced quarterly.

The initiative was presented by B3 executives during a seminar in São Paulo organized by B3 and the Agriculture Ministry.

Earlier in the day, the government said Brazil’s gross domestic product (GDP) grew 1.0 percent in the first quarter from the preceding one as the economy emerged from its worst recession on record.

The rebound was led by the fastest increase in agricultural output since 1996, following bumper harvests of soy and corn. (Reporting by Roberto Samora; Writing by Ana Mano)

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