I. Time to market
International copper futures have been listed and traded since June, 2020165438+1October 19 (Thursday), and the opening time is 08:55-09:00 in call auction, at 09:00 that day.
Second, trading time.
Every Monday to Friday from 09:00- 10: 15, 10: 30- 1: 30 and 13:30- 15:00, with continuous trading hours. No trading will be conducted during the continuous trading period on the first working day before legal holidays (excluding Saturday and Sunday).
Third, the listing contract
BC2 103，BC2 104，BC2 105，BC2 106，BC2 107，BC2 108，BC2 109，BC2 1 10，BC2 1 1 1 .
Fourth, the listing benchmark price
The trading day before listing will be announced by the Energy Center.
Verb (abbreviation of verb) trading margin and price limit Committee
The trading margin is 8% of the contract value; The daily limit is 6%, which is twice as high as the daily limit on the first day.
Foreign special non-broker participants and overseas customers can use foreign exchange funds as security deposits. If foreign exchange funds are used as the deposit, the central parity of RMB exchange rate announced by China Foreign Exchange Trading Center on the same day shall be used as the benchmark price for the verification of its market value. At present, the Energy Center stipulates that the foreign exchange currency that can be used as the deposit is US dollars, and the discount rate is 0.95.
The market value of foreign exchange funds before the closing of the day shall be recorded according to the central parity of RMB exchange rate published by China Foreign Exchange Trading Center on the previous trading day. At the time of daily settlement, the benchmark price of foreign exchange funds used as margin shall be re-determined according to the above method, and the discount amount shall be adjusted.
Post announcement of intransitive verbs
When the positions of a contract reach 6.5438+0.5 million lots (unilateral) after the closing, the Energy Center will announce the trading volume, buying positions and selling positions of the top 20 futures company members and overseas special brokerage participants in that month.
VII. Transaction costs
0. 1% of the transaction amount, and the closing transaction is free of transaction fee.
The last issue of Energy answered a reporter's question on the international copper futures contract and related issues.
The relevant person in charge accepted media interviews on international copper futures contracts, transactions and other related issues.
Q: Why do you want to launch international copper futures?
A: Copper is one of the most important nonferrous metals. At present, China is the largest producer, consumer and importer of refined copper in the world. According to the statistics of China Nonferrous Metals Industry Association and China Customs, in 20 19, China's refined copper output was 9.784 million tons, accounting for 4 1.24% of the global total, and its consumption was120.8 million tons, accounting for 50.72% of the global total. In 20 18, Energy officially launched international research and development of nonferrous metal futures, actively and steadily promoted listing, and launched international copper futures mainly based on the following three considerations:
First, there are two copper spot markets in China: the domestic tax-included market and the domestic bonded market. The tax-included market is within the customs clearance, reflecting the relationship between supply and demand in the domestic market; Customs is a duty-free market, reflecting the supply and demand relationship in the international market in the Far East time zone.
Second, the "domestic customs clearance" copper spot market has formed a large scale. The domestic bonded copper spot market is mainly in Shanghai, Guangdong, Jiangsu, Fujian and Tianjin, among which Shanghai has formed a large scale, and the bonded copper spot is freely circulated and traded, with extensive participation of entities.
Third, copper futures have basic conditions for opening to the outside world. Copper is closely related to the macro-economy at home and abroad and the prices of various major assets, and is called "Dr. Copper". Copper futures price and its term structure are important forward-looking indicators to judge the macroeconomic trend at home and abroad. The copper futures of the previous issue have a long history, sufficient liquidity and full market function. Its price is the pricing benchmark of domestic spot trade, and the last issue has become one of the three largest copper pricing centers in the world recognized by the international copper industry. At present, many international manufacturers and investment banks have set up subsidiaries or trading companies in China to participate in the trading and delivery of copper futures. After the long-term communication with the international copper industry and the establishment of a global exchange platform in the previous issue, the negotiation place of the international annual spot purchase contract has gradually moved from London to Shanghai.
Q: Please briefly introduce the design idea of international copper futures?
A: The overall design idea of international copper futures is to list the international copper futures of the previous period in a specific variety mode on the basis of keeping the varieties of the previous period unchanged, that is, the "double contract" mode, which is the first international futures contract operating in the "double contract" mode in China. International copper futures, as the sixth domestic specific product in China after crude oil futures, iron ore futures, PTA futures, No.20 glue and low-sulfur fuel oil, will adopt the trading mode of "international platform, net price trading, bonded delivery and RMB pricing" and fully introduce foreign traders to participate.
The "double contract" mode is a new business based on the bonded market and the international market without changing the existing domestic market structure, which is conducive to the orderly development of new business on the premise of ensuring the smooth operation of the previous copper futures contract. The copper futures in the previous issue are based on the tax-included market in customs clearance, reflecting the relationship between supply and demand in the domestic market, and their prices become the pricing benchmark for domestic spot trade; International copper futures face the duty-free market outside the customs, including the countries and regions outside the customs and the Far East time zone, which reflects the relationship between supply and demand in the international market.
Q: Why do you choose Grade A electrolytic copper as the subject matter of international copper futures contracts?
Answer: International copper futures deliver cathode copper that meets the requirements of grade I copper in GB/T467-20 10 or BSEN 1978: 1998, while future copper futures deliver cathode copper that meets the requirements of GB/T467-20 10/KLOC-0. With the development of domestic smelting technology, in recent years, the products of major domestic copper smelters are mainly Grade A copper, and the delivery products of LME and COMEX basically meet the quality standards of Grade A copper, so Grade A copper is selected as the delivery product of international copper futures.
Q: What are the noteworthy aspects of international copper futures in terms of contracts and related business rules?
A: The officially released version of the international copper futures contract and related rules is consistent with the last version for comments released on June 10. International copper futures contracts and related business rules have the following three points worthy of attention:
1. The international copper futures price does not include value-added tax, the contract trading unit is 5 tons/lot, the minimum change price is 10 yuan/ton, the price limit is 3% of the settlement price of the previous trading day, the minimum trading margin is 5% of the contract value, the contract delivery month is1-65438+February, the delivery date is five consecutive trading days after the last trading day, and the delivery unit is.
Second, international copper futures are consistent with previous copper futures in terms of trading unit, quotation unit, minimum change price, contract month, trading time, last trading day, delivery unit and settlement price.
Thirdly, there are differences between international copper futures and previous copper futures in terms of price meaning, delivery grade, delivery method, delivery date, position limit in different operation stages, trading code and so on. For example, in terms of delivery grade, the delivery standard of international copper futures meets the requirements of Grade A copper in GB/T467-20 10 or BSEN 1978: 1998. In terms of general position ratio and position limit at different stages, in order to effectively prevent and control risks, from a prudent point of view, the position limit of international copper futures at the initial stage of contract listing is narrower than that of previous copper futures. Forward-looking and prudent design ideas are conducive to the smooth operation of international copper futures and play a good role in the initial stage of listing.
Q: How to prevent risks in the last period of energy and ensure the smooth operation of international copper futures?
A: In the previous period, Energy always took serving the real economy as the starting point and the end result of all its work, conducted in-depth market research and research and demonstration on international copper futures, and formulated targeted trading, settlement, delivery and risk control measures to promote the smooth listing and steady operation of international copper futures.
First, according to the overall risk control requirements and the characteristics of different stages of contract operation, scientifically set up the price limit and margin system to effectively prevent trading risks. The second is to set up a reasonable speculative position limit system and examine and approve hedging trading positions. Third, according to market development, expand delivery resources, rationally arrange delivery warehouses, and effectively prevent delivery risks. Fourth, provide multi-level and in-depth education to domestic and foreign investors to ensure the healthy and stable operation of international copper futures.
Q: What problems should various market participants pay attention to when trading international copper futures?
A: Investors should fully understand the risks involved in futures trading, be familiar with international copper futures contracts and related business rules, and participate in futures trading rationally. The upstream and downstream enterprises in the copper industry chain should understand, be familiar with and master the rules of the futures market, and constantly improve the level of hedging in the futures market in practice. Member units should fully understand and master the laws and regulations of the futures market, achieve compliance management and controllable risks, and help investors make full use of the hedging and price discovery functions of international copper futures to serve the real economy.
In the previous period, the Institute of Energy will do a good job in daily risk monitoring, pre-research and pre-judgment, take effective measures in time to resolve potential risks, and firmly hold the bottom line that no systematic risks will occur. At the same time, earnestly fulfill the front-line self-discipline duties, severely crack down on all kinds of illegal acts, and maintain the normal trading order of the futures market.
The construction of international copper futures market is a long-term process. In the last issue, the Energy Institute hopes and welcomes domestic and foreign investors to actively participate in international copper futures trading, and we will also provide convenient and efficient services for traders.