关注 | 丙烯期货和期权上市在即，将助产业链企业更好管理风险

Core Viewpoint - The Zhengzhou Commodity Exchange is seeking public opinion on the futures and options contracts for propylene, indicating the imminent launch of these financial instruments in China, which is the largest producer of olefins [1][3]. Industry Overview - Propylene is a crucial basic chemical that connects various upstream raw materials such as crude oil, naphtha, coal, methanol, and propane, and has extensive applications in textiles, cosmetics, and home appliances [3]. - In the chemical fiber industry, propylene can be polymerized to produce polypropylene, which is used to manufacture polypropylene fibers. These fibers are lightweight, strong, corrosion-resistant, and recyclable, with expanding applications in ropes, fishing nets, safety belts, and packaging materials, as well as significant market potential in textiles like bedding, clothing, and carpets [3]. - The market for polypropylene products is expected to grow significantly, especially under the "dual carbon" goals promoting low-carbon and recyclable products [3]. Market Dynamics - The propylene industry faces structural overcapacity and is undergoing a transformation towards high-end and green development, leading to a strong demand for risk management tools among industry chain enterprises [3][6]. - The introduction of propylene futures and options will provide pricing and risk management tools for upstream and downstream enterprises, enhancing China's pricing influence in the chemical industry and promoting high-quality development in the propylene sector [3][6]. Futures and Options Details - The futures contract for propylene will have a trading code of PL, with a trading unit of 20 tons per contract, a minimum price fluctuation of 1 yuan per ton, and a daily price fluctuation limit of ±4% based on the previous day's settlement price [4]. - The minimum trading margin will be 5% of the contract value, with delivery months from January to December, and the last trading and delivery days set for the 10th and 13th trading days of the delivery month, respectively [4]. - The delivery standards specify that the benchmark delivery product must meet the national standard for polymer-grade propylene, with specific water content requirements [4][5]. Risk Management and Participation - Propylene futures will utilize warehouse and factory standard warehouse receipts for delivery, ensuring efficiency and flexibility for industry clients [5]. - The position limits are set at 2000 contracts for regular months, 500 contracts for the month before delivery, and 50 contracts for the delivery month, reflecting the design of the contract rules to accommodate the actual characteristics of the spot market [6].