丙烯衍生品上市交易在即 将有效填补碳三产业链品种空缺

Core Viewpoint - The approval of propylene futures and options by the China Securities Regulatory Commission marks a significant step in enhancing the carbon three industrial chain, providing essential risk management tools for industry players and promoting high-quality development in the sector [1][2][3]. Group 1: Industry Overview - China is a major producer and consumer of propylene, with a projected apparent consumption of 55.36 million tons in 2024, including domestic supply of approximately 53.41 million tons, imports of 2.02 million tons, and exports of 0.07 million tons [2]. - Propylene serves as a core raw material in petrochemicals, with upstream sources including crude oil, coal, and propane, and downstream applications spanning polypropylene, propylene oxide, and other derivatives used in packaging, automotive, home appliances, and medical sectors [2][3]. Group 2: Market Development - The introduction of propylene futures and options is expected to fill the product gap in the carbon three industrial chain, enhancing the risk management capabilities for upstream and downstream enterprises [2][3]. - The futures and options will provide effective tools for inventory hedging and processing margin hedging, contributing to the healthy development of the national propylene industry chain [3]. Group 3: Contract Specifications - The proposed trading unit for propylene futures contracts is set at 20 tons per hand, aligning with the transportation habits in the industry, as pressure trucks and ships typically handle loads in multiples of 20 tons [4]. - The delivery date for contracts will be the 13th trading day of the delivery month, utilizing a physical delivery method, which is consistent with the continuous production and sales characteristics of the propylene industry [4]. Group 4: Future Outlook - The Zhengzhou Commodity Exchange is committed to ensuring a smooth launch of propylene futures and options, alongside ongoing market cultivation activities to enhance enterprise risk management strategies [5]. - With the addition of propylene futures and options, the total number of futures and options in China's market will rise to 152, indicating a growing diversity in available financial instruments [5].