View source for ZCE Early Rice futures

The [[Zhengzhou Commodity Exchange]] obtained [[CSRC]] approval for rice futures in March 2009<ref>{{cite web|url=http://www.forbes.com/feeds/afx/2009/03/23/afx6198713.html|name=China approves early rice futures trading|org=Thomson Reuters|date=May 3, 2009}}</ref>, and while it was expected to launch that contract as early as before the end of March<ref>{{cite web|url=http://news.alibaba.com/article/detail/business-in-china/100051075-1-china-likely-launch-rice-futures.html|name=China likely to launch rice futures in March|org=Alibaba.com Limited|date=March 11, 2009}}</ref>, ZCE early rice futures actually started trading on April 20<ref>{{cite web|url=http://www.exchange-handbook.co.uk/index.cfm?section=news&action=detail&id=82208|name=Zhengzhou Commodity Exchange Launches Early Long Grain Nonglutinous Rice Futures|org=mondovisione|date=May 3, 2009}}</ref>.   

Each ZCE early rice futures contract represents 20 tons of deliverable grade early long-grain nonglutinous rice, which is defined as National standard Rice, GB1350-1999, 3rd grade (including) and above or substitutions at differentials specified by Delivery Rules of ZCE as good [[delivery]], and its delivery date is set as the seventh business day prior to the last trading day in the contract month<ref>{{cite web|url=http://english.czce.com.cn/DispDocument.aspx?dn=ERContract.htm|org=Zhengzhou Commodity Exchange|name=Early Long-grain Nonglutinous Rice Futures Contract Specs|date=May 3, 2009}}</ref>.

Each ZCE early rice futures contract is subject to a margin rate equivalent to at least 5 percent of contract value (e.g., 1018 yuan = 2035 yuan [ER909 last price on April 30, 2009] x 10 [tons/contract] x 5 percent) as well as a trading fee of 2 yuan per contract.

In May 2009, the first full month of trading, all ZCE early rice futures contracts traded an average daily volume of 5,473 contracts, as daily volume declined steeply from 130,306 on April 21 to 1,298 on May 22.

[[image:ZCE Rice Daily Volume.JPG{{!}}450px]]

{{Contract
|exch     =  Zhengzhou Commodity Exchange
|cname    =  ZCE Early Rice
|commod   =  Rice
|ctype    =  Agricultural
|cash     =  Y <!-- Y if the contract is cash-settled; leave blank if not -->
|months   =  January to December
|fnd      =  <!-- Rules for determining First Notice Date, or blank if none -->
|ltd      =  The seventh business day prior to the last trading day in the contract month.
|unit     =  20 tons/lot
|ptdesc   =  1 yuan (RMB) / ton
|ptval    =  1 yuan ([[RMB]])
|tickPt   =  1 yuan (RMB) / ton
|tickVal  =  20 yuan (RMB)
|elect    =  Y
|elHours  =  9:00 am to 11:30 am, 1:30 pm to 3:00 pm Beijing time
|elLimit  =  Within range of 4% above or below the settlement price of the previous trading day and the relevant provisions of Zhengzhou Commodity Exchange Futures Trading Risk-control regulation
|elSym    =  ER
|outcry   =  <!-- Y if an open outcry session exists for trading; leave blank if electronic only -->
|ooHours  =  <!-- Open outcry trading hours; leave blank if none -->
|ooLimit  =  <!-- Price limits on open outcry trading session; leave blank if none -->
|ooSym    =  <!-- Ticker symbol for open outcry session; leave blank if none -->
}}


== References ==
<references />
[[Category:China]]
[[Category:Futures Contracts in China]]