ZCE Rapeseed Oil

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ZCE rapeseed oil futures trade on the Zhengzhou Commodity Exchange (ZCE). ZCE rapeseed oil futures are the most recent contract to be listed on the ZCE, and they were launched on June 8, 2007.

Each ZCE rapeseed oil futures contract represents 5 tons of deliverable 4th grade rapeseed oil, which is defined in accordance with Exchange standard Q/ZSJ 003-2007, while substitutions at differentials that meet ZCE delivery rules are also good for delivery, and its delivery date is set as the twelfth trading day of the delivery month^[1].

Effective April 30, 2008 (the official website has not been updated yet), each ZCE rapeseed oil futures contract is subject to a margin rate equivalent to 6 percent of contract value, up from the previous 5 percent (e.g., 3495.6 yuan = 11652 yuan [RO809 last price on May 22, 2008] x 5 [tons/contract] x 6 percent) as well as a trading fee of 4 yuan (RMB) / contract.

In the last seven months of 2007, ZCE rapeseed oil futures traded 1,319,052 contracts and its turnover amounted to 58.6 billion yuan, already dwarfing the least actively traded (in terms of volume) and smallest (in terms of turnover) contract on the ZCE, ZCE hard white winter wheat futures.

ZCE Rapeseed Oil futures
Exchange	Zhengzhou Commodity Exchange
Settlement	Physically delivered
Trade Unit	5 tons/lot
Point Value	5 yuan (RMB)
Tick Value	10 yuan (RMB)
Contract Months	Jan, Mar, May, Jul, Sep and Nov
Last Trading Day	The tenth business day of the delivery month
Note: This contract is electronic ONLY -- no open outcry
	No Open Outcry	No Electronic Market
Trading Hours	N/A	9:00-11:30 a.m. 1:30-3:00 p.m.
Ticker Symbol	N/A	RO
Price Limits	N/A	5% above or below the previous trading day's settlement price (the official website has not been updated yet)

References

1. ↑ Rapeseed Oil Futures Contract Specs. Zhengzhou Commodity Exchange. Retrieved on May 23, 2008.