On October 16, the Shanghai International Energy Trading Center (Shanghai International Energy Trading Center) , a subsidiary of the Shanghai Futures Exchange (Shanghai Futures Exchange) , issued an announcement, public Consultation on the previous Energy Cathode Copper Futures Standard Contract (hereinafter referred to as "international copper futures contract") and related rules.

The open consultation includes the "Shanghai International Energy Trading Center Cathode Copper Futures Standard Contract" and "Shanghai International Energy Trading Center trading rules" , "Shanghai International Energy Trading Center delivery rules" , "Shanghai International Energy Trading Center risk control management rules" and other three implementation rules amendment.

International Copper futures contracts will continue to use the previous energy "international platform, net price trading, bonded delivery, RMB pricing" trading model, the full introduction of foreign traders. According to the published International Copper Futures Contract (draft for comments) , international copper futures contract trading unit is 5 tons/hand, the minimum change price is 10 Yuan/ton, trading limit is ± 3% of the settlement price on the previous trading day, the minimum margin is 5 per cent of the contract value and the unit of delivery is 25 tonnes. The contract months are from January to December.

Compared with the copper futures contract of the previous period, there are differences in price meaning, delivery grade, delivery mode, delivery date, position limit and trading code.

According to reports, under the framework of the existing business rules of energy in the last period, with the introduction of international copper futures contracts, the revision of the rules level is mainly reflected in four aspects: First, the newly listed contracts and annexes; and second, a new chapter in the trading rules, third, a new chapter is added in the "delivery rules" for the delivery of cathode copper futures, involving in and out of the warehouse provisions, delivery management, settlement price, etc. Fourth, "risk control management details" in a new chapter for the cathode copper futures wind control parameters.

The relevant person in charge of the last period said that in order to push forward the construction of the multi-level derivatives market system and speed up the high-level opening to the outside world, on the basis of keeping the existing copper futures contracts unchanged, the last period institute launched an international copper futures contract in the last period energy, using "double contract" to serve "double cycle" will provide domestic and foreign enterprises with new and effective price risk management tools, help promote global economic integration, and better serve the global real economy.

Source: Non-ferrous Metal, EDITOR IN CHIEF: Li Xuan