证监会批准丙烯期货期权注册，5536万吨市场迎风险管理新工具！

Core Viewpoint - The approval of propylene futures and options by the China Securities Regulatory Commission signifies a significant enhancement in China's chemical derivatives market, providing better risk management tools for related enterprises [1][3]. Industry Position and Risk Management Needs - Propylene occupies a critical position in the chemical industry chain, linking upstream raw materials like crude oil, coal, and propane to downstream derivatives such as polypropylene, epoxy propane, acrylonitrile, and acrylic acid, which are widely used in packaging, automotive, home appliances, and medical sectors [2][3]. - The propylene industry faces a complex market environment characterized by structural contradictions between expanding upstream capacity and fluctuating downstream demand, leading to significant uncertainty for enterprises [2][3]. - Frequent and substantial price fluctuations have rendered traditional spot trading models inadequate for effective risk management, increasing the demand for specialized risk management tools across the industry chain [2][3]. Contract Design and Practical Needs - The Zhengzhou Commodity Exchange conducted extensive market research in designing the propylene futures and options contracts, setting the trading unit at 20 tons per lot to align with actual trading and transportation practices [3][4]. - The delivery method is physical delivery, with the last delivery day set on the 13th trading day of the contract month, covering all months from January to December, which matches the continuous production and sales characteristics of the propylene industry [3][4]. - The simultaneous launch of futures and options provides enterprises with a richer array of risk management strategies, allowing them to flexibly use different tool combinations based on their risk preferences and market expectations, thereby enhancing the overall risk management level and operational efficiency of the industry chain [3][4].