大商所“一品一策”跑出服务“加速度”

Core Viewpoint - In 2025, the Dalian Commodity Exchange (DCE) implemented 43 measures to optimize contract rules, expand delivery areas, introduce brand delivery, and innovate spot-futures business, tailored to the characteristics and development stages of each commodity, enhancing the utility of futures derivatives for enterprises in trade pricing, risk management, and operational optimization [1][8]. Group 1: Contract Rule Adjustments - DCE focused on adjusting contract rules for key commodities to better align with current industry developments, such as increasing the delivery quality standards for live pig futures to reflect the rising market weight [2][3]. - For black commodities, DCE reduced the delivery units for coking coal and coke from 1,000 tons and 6,000 tons to 100 tons and 60 tons respectively, and iron ore from 10,000 tons to 5,000 tons, facilitating participation from small and medium enterprises [2][3]. Group 2: Delivery Area Expansion - DCE expanded delivery areas and added delivery warehouses to enhance service networks, including the addition of Shaanxi as a delivery area for linear low-density polyethylene futures and Tianjin for polypropylene futures, improving local enterprise participation and reducing transportation costs [4][5]. - The delivery network for coking coal futures was also significantly expanded, with new delivery warehouses established in Inner Mongolia and support for additional warehouses in Henan [5]. Group 3: Innovative Delivery Methods - DCE introduced "agreement delivery" for all energy and chemical products, allowing buyers and sellers to negotiate delivery details, thus addressing the mismatch between supply and demand [6]. - The volume of "agreement delivery" transactions reached 304, involving 1,520 tons of spot goods since its introduction in September 2025, indicating strong participation from industry clients [6]. Group 4: Spot-Futures Business Development - DCE optimized the existing spot-futures business, achieving a transaction volume of 550,000 contracts in 2025, a 370% increase year-on-year, effectively meeting the needs for basis trading and personalized hedging [7]. - The launch of the "Yihai Zone" further deepened collaboration with leading enterprises and spot platforms, exploring new models for price linkage and information sharing [7]. Group 5: Future Outlook - DCE plans to continue the "one product, one policy" approach, focusing on optimizing contract rules and enhancing delivery warehouse management to provide reliable support for enterprises participating in the futures market [8]. - The shift in the futures market from merely existing to improving quality reflects DCE's commitment to serving the real economy more precisely and sustainably [8].