(MENAFN) The first apple futures contracts of the world has started trading on Zhengzhou Commodity Exchange in central China's Henan Province on Friday morning.

The country is considered the biggest apple grower and consumer, as its apple crop and farms have been increasing over the past 10 years.

Growing apple is essential to China's poverty alleviation campaign, as many of the country's poor areas depend on apples as a main income source.

The futures launch is expected to make prices more translucent and help growers hedge against price risks.

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