上海发布18项措施：提升有色金属大宗商品能级和全球定价影响力

Core Viewpoint - The "Action Plan" aims to strengthen the linkage between futures and spot markets, enhancing the capability of non-ferrous metal commodities in Shanghai, amidst the backdrop of economic transformation and complex international trade dynamics [4][6]. Group 1: Background of the Document - The document highlights the increasing importance of bulk commodities in China's economy, particularly with the growth of strategic emerging industries such as new energy vehicles and aerospace [4]. - Shanghai has established itself as a key player in the non-ferrous metal sector, with a well-developed futures, spot, and OTC derivatives market [4]. - The Shanghai Futures Exchange has listed 11 non-ferrous metal futures and 10 options, with "Shanghai Copper" recognized as one of the three major pricing centers globally [4]. Group 2: Main Content of the Action Plan - The "Action Plan" consists of three main parts with 18 specific measures aimed at promoting the development of the non-ferrous metal market [7]. - It emphasizes the need for better integration of futures, spot, and derivatives markets, encouraging participation from various industries such as automotive and construction to manage price risks effectively [7][10]. - The plan seeks to enhance the internationalization of the non-ferrous metal market, increasing the influence of "Shanghai prices" through expanded market access and cross-border delivery mechanisms [7][11]. - It aims to cultivate a robust market ecosystem by fostering competitive trading entities and promoting collaboration across the supply chain, including the application of blockchain technology for data sharing [8][12]. Group 3: Specific Measures - Support for local non-ferrous metal trading venues to improve settlement efficiency and safety through the use of a centralized clearing system [10]. - Encouragement for enterprises to utilize futures and OTC derivatives for hedging against price fluctuations, thereby stabilizing operations [11]. - Initiatives to attract foreign trading firms and enhance cross-border business operations, including the introduction of foreign entities into bonded warehouse transactions [11][12]. - Development of a comprehensive credit archive for commodity trading enterprises, leveraging big data to enhance market transparency and trust [12][13].