It should be noted that there are three futures exchanges in China, namely Shanghai, Dalian and Zhengzhou, with different trading varieties. Shanghai deals in copper, aluminum and natural rubber, Dalian in soybeans and soybean meal, and Zhengzhou in wheat. Investors need to open futures accounts in the corresponding futures exchanges to trade the required varieties.
The futures market implements margin trading, which is generally 8% at present. In other words, with a deposit of 80,000 yuan, you can buy and sell futures of 6,543,800 yuan. However, the margin ratio will gradually increase as the futures delivery date approaches, and finally reach 100% on the delivery date.
Futures trading unit is hand, primary metal futures are generally 5 tons, and primary agricultural products futures are 10 tons. The smallest unit of price change is metal futures 10 yuan/ton, agricultural products 1 yuan/ton, and the fluctuation is limited to 3%.
The Commission does not specify the handling fee for buying and selling futures. For soybeans and copper with the largest trading volume, the handling fee charged by Guangzhou Futures Company is about 30 ~ 50 yuan/lot, while the latter is between 80 ~ 120 yuan/lot.