SHFE Copper Cathode
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SHFE copper cathode futures trade on the Shanghai Futures Exchange (SHFE). They have been trading since 1991, making it one of the oldest futures contracts in China, along with SHFE aluminum futures.
Each SHFE copper cathode futures contract represents 5 tons of deliverable grade copper cathode, which is defined as standard copper cathode (GB/T467-1997) with fineness not less than 99.95 percent or two substitutions 1)high grade copper (GB/T467-1997) and 2) LME registered brand BS EN 1978:1998 as good delivery, and its delivery date is set as the 16th to 20th day of the spot month[1].
Each SHFE copper cathode futures contract is subject to a margin rate equivalent to 5 percent of contract value (e.g., 15577.5 yuan = 62310 yuan [CU0808 last price on May 23, 2008] x 5 [tons/contract] x 5 percent) as well as a trading fee equal or below 0.02 percent of transaction value / contract.
In 2007, SHFE copper cathode futures traded 32,656,022 contracts (+202.74 percent YOY) and its turnover amounted to 10,145.1 billion yuan (+204.04 percent YOY), making it the largest (in terms of turnover) futures contract on SHFE as well as in China's overall futures market, followed by SHFE natural rubber futures. SHFE copper cathode futures' turnover alone almost matched the Dalian Commodity Exchange, second largest futures exchange in China, 11,924.5 billion yuan in 2007.
| SHFE Copper Cathode futures | ||
|---|---|---|
| Exchange | Shanghai Futures Exchange | |
| Settlement | Physically delivered | |
| Trade Unit | 5 ton/lot | |
| Point Value | 5 yuan (RMB) | |
| Tick Value | 10 yuan (RMB) | |
| Contract Months | January to December | |
| Last Trading Day | The 15th day of the spot month | |
| Note: This contract is electronic ONLY -- no open outcry | ||
| No Open Outcry | No Electronic Market | |
| Trading Hours | N/A | 9:00 am to 11:30 am, 1:30 pm to 3:00 pm |
| Ticker Symbol | N/A | CU |
| Price Limits | N/A | Within range of 4% above or below the settlement price of the previous trading day |
References
- ↑ Copper Cathode Contract Specifications. Shanghai Futures Exchange. Retrieved on May 23, 2008.
