Core Viewpoint - The Shanghai Municipal Government has launched an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve the global pricing influence and commodity trading capacity of Shanghai by December 2025 [1][3]. Group 1: Current Market Landscape - Shanghai has developed a linked market structure for non-ferrous metals, including futures, spot, and over-the-counter derivatives, leveraging its financial market advantages and manufacturing base in the Yangtze River Delta [2]. - The Shanghai Futures Exchange (SHFE) has listed 11 non-ferrous metal futures and 10 options, with "Shanghai Copper" recognized as one of the three major global pricing centers for non-ferrous metals [2]. - The Shanghai Clearing House has been providing central counterparty clearing services for 20 swap and forward products across six industries since 2013, enhancing the risk management framework for non-ferrous metals [2]. Group 2: Challenges and Action Plan - The non-ferrous metals trade in Shanghai faces challenges such as insufficient linkage between futures, spot, and derivatives markets, limited international pricing power, and a lack of major international commodity traders [3]. - The action plan includes 18 specific measures across three main areas: enhancing market connectivity, increasing internationalization of the non-ferrous metals market, and fostering a supportive ecosystem for market participants [3]. - Proposed measures include improving settlement efficiency through the Commodity Clearing Link, exploring cross-border transactions, and establishing a market maker system for over-the-counter derivatives [3]. Group 3: Future Steps - The Shanghai Municipal Government and relevant departments will expedite the implementation of the action plan to strengthen market linkages and support the high-quality development of the non-ferrous metals industry [4]. - The goal is to create a collaborative policy environment that enhances Shanghai's resource allocation capabilities and global pricing influence in the non-ferrous metals sector [4].
提升有色金属大宗商品能级 助力“五个中心”建设
Jin Rong Shi Bao·2026-01-22 02:03