加强期现联动 上海发布提升有色金属大宗商品能级行动方案

Core Viewpoint - The Shanghai Municipal Financial Office, in collaboration with various financial institutions, introduced the "Action Plan to Strengthen the Linkage between Futures and Spot Markets and Enhance the Competitiveness of Non-ferrous Metal Commodities" to address the growing importance of non-ferrous metals in the economy and to improve market dynamics [1][3]. Group 1: Economic Context - China's economy is undergoing a transformation amidst complex international trade dynamics, with non-ferrous metals playing a crucial role in emerging industries such as new energy vehicles, aerospace, and semiconductors [3]. - Shanghai, as a leading city in reform and opening-up, leverages its manufacturing base and financial markets to enhance the development of the non-ferrous metal sector [4]. Group 2: Market Structure - The Shanghai Futures Exchange has listed 11 non-ferrous metal futures and 10 options, establishing itself as one of the top three pricing centers globally for non-ferrous metals [4]. - The Shanghai Clearing House has been providing central counterparty clearing services for various non-ferrous metal derivatives since 2013, supporting risk management for entities in the sector [5]. Group 3: Action Plan Measures - The Action Plan includes 18 measures aimed at promoting the interconnectivity of the non-ferrous metal market, enhancing the linkage between futures, spot, and derivatives markets [6]. - It emphasizes improving the internationalization of the non-ferrous metal market and increasing the influence of "Shanghai prices" through expanded market access and innovative cross-border delivery mechanisms [6][7]. - The plan also focuses on cultivating a competitive ecosystem for non-ferrous metals by fostering collaboration among trade entities and enhancing data sharing through blockchain technology [7].