There is a difference between Zheng Shang Institute 1 cotton contract and No.2 cotton contract. The main differences between the two contracts are as follows:

(1) Different benchmark pricing places: the benchmark delivery place of cotton futures 1 contract is Zhengzhou City, Henan Province, and the benchmark delivery place of cotton contract No.2 is Urumqi City, Xinjiang.

(2) The benchmark delivery varieties are different: the benchmark delivery varieties of cotton futures 1 contract are 328B-grade domestic serrated fine wool white cotton that meets the national cotton standard (GB1103-1999); The benchmark delivery variety of No.2 cotton futures contract is 228B grade domestic serrated fine wool white cotton which meets the national cotton standard (GB1103-1999).

(3) The warehouse receipt flows in different directions. The standard warehouse receipt formed by the designated delivery warehouse of 1 cotton can be used for the alternative delivery of No.2 cotton futures contract, instead of the premium of 600 yuan/ton at the same level at the time of delivery. However, the standard warehouse receipt formed in the designated delivery warehouse of No.2 cotton cannot be used to replace the delivery of 1 cotton futures contract.

At present, only Mianyi and Mianer are traded in Zhengzhou Commodity Exchange, and it seems that they have not been listed yet.

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