Singapore Exchange (SGE) said in a statement on Monday that it will develop commodity derivatives with Shanghai Futures Exchange (SFE) for both markets.

The SGE said the two exchanges will collaborate on developing derivatives for energy, metals, chemicals and commodity indexes.

In the statement SGE did not give more details on the collaboration.

The SGX is one of world's dominant exchanges for iron ore swaps clearing. The SFE is China's biggest futures market and trades base metals, precious metals, steel and oil products and natural rubber.

China's Dalian Commodity Exchange launched the nation's first iron ore futures contract on Oct 18, while Zhengzhou Commodity Exchange in Henan province has recently got approval for two more rice futures contracts.