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Article: Futures Contract for Wine Faces Opposition.(Europe)(Brief Article)
- Article from:
- Food & Drink Weekly
- Article date:
- September 24, 2001
CopyrightCOPYRIGHT 2001 Informa Economics, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The launch of the first wine futures contract looks to already be in jeopardy after bitter opposition from France's top chateaux. Euronext, the pan-European stock exchange, hoped that its ground-breaking Winefex contract, which began trading in Paris last week, would be welcomed by wine producers as a way to hedge their price risk. Each contract is for 60 bottles of red bordeaux wine from some of France's top vineyards, including Chateau Margaux. However, the plan has enraged Bordeaux's grandest winemakers. They insist that fine French wine is a work of art and should not be traded or speculated in like crude oil.
The French chateaux are horrified at the idea ...