上期所就燃料油等3个期权合约征求意见

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is advancing the listing of options contracts for fuel oil, asphalt, and pulp, marking a significant step in expanding its options business and achieving comprehensive coverage of mature futures products [1][2]. Group 1: Market Development - The SHFE has launched 14 options since the introduction of the first industrial product option, copper, in September 2018, covering various sectors including non-ferrous metals, precious metals, and energy chemicals [1][2]. - The trading volume of the SHFE options market has doubled annually from 2018 to 2024, indicating strong market growth and support from related industries [1]. Group 2: Risk Management - The introduction of options for fuel oil, asphalt, and pulp is aimed at providing more effective risk management tools for upstream and downstream enterprises, addressing the increasing demand for refined risk management amid significant international commodity price fluctuations [2]. - The SHFE's initiatives, such as the "Strong Source Assisting Enterprises" campaign, have successfully encouraged industries to utilize futures and options for risk management, helping companies stabilize profits and reduce operational losses [1][2]. Group 3: Contract Specifications - The fuel oil options contract is based on the fuel oil futures contract, with a trading unit of 1 lot and a minimum price fluctuation of 0.5 yuan/ton. The exercise price ranges are defined based on the previous trading day's settlement price [3]. - The asphalt options contract follows similar specifications to the fuel oil options, with the same trading unit and minimum price fluctuation [4]. - The pulp options contract has a trading unit of 1 lot and a minimum price fluctuation of 1 yuan/ton, with exercise price ranges also defined based on the previous trading day's settlement price [5]. Group 4: Future Plans - The SHFE plans to continue the collaborative development of futures and options, aiming to enhance its service capabilities for the real economy and increase internationalization by attracting domestic enterprises and foreign investors to utilize these risk management tools [5].