SHANGHAI: China has approved trading of crude oil and palm oil options on the Shanghai International Energy Exchange and the Dalian Commodity Exchange respectively, its securities regulator said on Friday, adding to a range of products open to foreign participants for trading.

Crude oil options will begin trading on June 21, and palm oil options on June 18, the Securities Regulatory Commission (CSRC) said.

Foreign companies and investors currently have limited access to China's commodities markets, but it has been opening up its futures contracts to foreign traders and adding options trading in efforts to become a global commodity pricing power.

The Chinese contracts open to foreign participation include crude oil, TSR 20 rubber, low-sulphur fuel oil, iron ore and purified terephthalic acid.

An internationalized bonded copper futures contract was launched on the Shanghai International Energy Exchange in November, and Dalian's palm oil contract was made accessible to foreign traders in December.

Of its internationalized contracts, China currently offers options trading for iron ore on the Dalian exchange and purified terephthalic acid on the Zhengzhou Commodity Exchange.