Standard Chartered Bank and Energypac Engineering Ltd closed the first metal derivative transaction in Bangladesh.
The deal, a Floating to Fixed London Metal Exchange Copper Swap, will help Energypac to protect itself against adverse movements in copper prices and to effectively manage their copper price exposure, said a news release.
Copper is a key raw material in electrical equipment required for power generation and transmission. However, the volatility in the commodity makes it difficult for local companies to effectively budget for their project costs.
‘This is yet another example of Standard Chartered Bank’s commitment to developing the local financial market,’ said Standard Chartered Bank CEO Jim McCabe.