大商所3个化工品月均价期货将迎来首次现金交割

Core Viewpoint - The Dalian Commodity Exchange (DCE) is set to launch its first cash settlement for monthly average price futures of linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) on January 30, 2026, marking a significant development in the futures market [1][2]. Group 1: Futures Contract Details - The contracts involved are L2602F, V2602F, and PP2602F, with the delivery date coinciding with the last trading day of the contract month, specifically the last trading day of January 2026 [1]. - The settlement price for these contracts will be the arithmetic average of the daily settlement prices during all trading days of the previous month [1]. Group 2: Cash Settlement Mechanism - Unlike traditional physical delivery futures, these monthly average price futures will utilize a cash settlement model, where the DCE will directly transfer profits and losses based on the settlement price, eliminating the need for physical delivery [1]. - The delivery fee for these contracts is set at 1 yuan per hand, but the DCE will waive this fee until December 31, 2026, for all but high-frequency traders [2]. Group 3: Preparatory Measures and Market Impact - To ensure a smooth implementation of the first cash settlement, the DCE has conducted two market-wide tests focusing on the reliability of settlement price calculations and profit-loss allocations [2]. - The DCE aims to complement existing physical delivery futures with this cash settlement mechanism, enhancing the overall chemical derivatives ecosystem [2]. - Market participants are advised to closely monitor market dynamics, positions, and delivery progress to ensure a stable cash settlement process [2].