首年运行稳健，原木期货和期权迎周岁生日
Guo Ji Jin Rong Bao·2025-11-18 08:33

Core Insights - The first year of operation for China's log futures and options has been successful, with steady growth in trading volume and open interest since their listing on November 18 and 19, 2024 [1] - A total of 787 million contracts were traded, amounting to approximately 464 billion yuan, with an average daily trading volume of about 32,400 contracts and an average daily open interest of about 53,400 contracts [1] - The price trends for log futures and spot markets showed an initial increase followed by a decline, with the main futures contract down approximately 7.5% this year [1] Trading Performance - Eight log futures contracts and 164 options contracts were listed, with successful delivery of 1,412 contracts, equivalent to about 127,100 cubic meters of logs, valued at approximately 10.4 million yuan [1] - The futures prices have effectively reflected changes in market supply and demand, maintaining a strong correlation with spot prices in key regions [2] Market Development Initiatives - The Dalian Commodity Exchange (DCE) has implemented various initiatives to support market development, including establishing a network of 19 delivery warehouses across six provinces to meet industry delivery needs [2] - Collaboration with industry associations to promote national standard measurement and the implementation of intelligent inspection standards has significantly improved efficiency [2] - Over 400 industry enterprises, including all major import companies, have engaged in trading log futures and options [2] Future Outlook - The DCE plans to continue monitoring spot market changes and optimize delivery quality standards and pricing structures based on market demand [3] - Efforts will be made to enhance the quality and efficiency of delivery inspections and to promote the use of futures standards in international timber trade [3] - The DCE aims to attract foreign traders and improve the international price influence of log futures, focusing on leading enterprises to foster market development [3]