Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of the three chemical monthly average price futures fills the gap in domestic average price risk management tools, and its cash - settlement mechanism facilitates long - term trade in the chemical industry, marking a new stage in the ability of China's chemical derivatives market to serve the real economy [10]. - These futures can meet the more refined and diversified risk management needs of industrial enterprises, provide a smoother price reference for the industry, enrich the futures market tool system, and enhance China's influence in plastic pricing [6]. - They will form a "complementary and progressive" pattern with existing physical delivery futures, jointly build a more complete chemical derivatives ecosystem, and further enhance China's international influence on chemical prices [7]. Summary According to the Table of Contents Preface - On October 20, 2025, DCE officially announced the listing of linear low - density polyethylene (LLDPE), polyvinyl chloride (PVC), and polypropylene (PP) monthly average price futures, which will be listed for trading at 21:00 on October 28, 2025. This listing fills the gap in domestic average price risk management tools and marks a new level in the ability of China's chemical derivatives market to serve the real economy [10]. Chapter 1: Futures Product Background and Strategic Significance - As the marketization of the chemical industry increases, the demand for price risk management from upstream and downstream enterprises in the industrial chain becomes more refined. Traditional futures contracts cannot precisely match the actual demand of some enterprises using "monthly average price" for spot trade settlement. - DCE launched monthly average price futures to provide more accurate and efficient hedging tools for enterprises using the average price model for trade. These contracts use a cash - settlement mechanism, which greatly improves the efficiency and accuracy of risk management and helps enhance China's voice in the international chemical pricing system [11]. Chapter 2: Introduction to the Three Chemical Monthly Average Price Futures Products - The three chemical monthly average price futures are based on the monthly average settlement price of the corresponding physical delivery futures contracts and use a cash - settlement mechanism at maturity. They rely on the fair prices of existing physical delivery futures to provide risk management tools suitable for the monthly "average price trade" model. - In 2024, China's polyethylene, polyvinyl chloride, and polypropylene production capacities were 3571000 tons, 2754000 tons, and 4676000 tons respectively. China's plastic exports have been increasing year by year. Internationally, monthly average price futures have become an important tool in major international futures exchanges [12][14]. Chapter 3: Core Elements of the Three Chemical Monthly Average Price Futures Contract Design - Contract Basic Parameters: The trading unit is 5 tons/lot, the quotation unit is yuan (RMB)/ton, the minimum price change is 1 yuan/ton, the contract months are from January to December, and the trading code uses the format of "variety code + contract month + F" [16][17]. - Listing Time and Listing Arrangement: They will be listed for trading at 21:00 on October 28, 2025, with night trading. The first - listed contracts are announced, and a "rolling listing" mechanism is adopted to cover six near - month contracts [18][21]. - Listing Benchmark Price: The listing benchmark price is the settlement price of the corresponding contract on October 28, 2025 [23]. - Combined Margin: The contracts participate in combined margin discounts [23]. - Position Information Publication: The exchange will publish relevant trading volume and position information after daily settlement [24]. Chapter 4: Innovation in Delivery Mechanism and Settlement Logic - Cash - Settlement Method: There is no physical delivery. The profit and loss of both parties are directly transferred by the exchange according to the final delivery settlement price, which is the arithmetic average of the settlement prices of the corresponding physical delivery futures contracts in the "month before the contract month" [26]. - Last Trading Day and Delivery Day: They are the same day, which is the last trading day of the "month before the contract month" [27]. - Settlement Price Pricing Mechanism: DCE uses a "phased calculation" model. Before the "month before the contract month", the daily settlement price is directly linked to the daily settlement price of the corresponding physical delivery futures contract. After entering the "month before the contract month", it switches to the "average mode" [29]. Chapter 5: Risk Control System and Trading Rules - Margin and Price Limit: The trading margin ratio and price limit range are the same as those of the corresponding physical delivery futures contracts and are adjusted synchronously [31]. - Handling Fee Standard: The trading handling fee is 1 yuan/lot (one - way), the hedging trading handling fee is 0.5 yuan/lot (one - way), and the delivery handling fee is 1 yuan/lot. Before December 31, 2025, the delivery handling fee is waived (except for high - frequency traders) [32][33]. - Trading Limit: The daily opening limit for LLDPE monthly average price futures is 8000 lots/contract, 18000 lots/contract for PVC, and 10000 lots/contract for PP. Hedging and market - making trades are not subject to this limit [34][35][36]. - Position Limit: The position limit is more strictly managed in phases. Before the 14th trading day of the "month before the contract month", if the unilateral position is ≤ 200000 lots, the limit for non - futures company members and customers is 4000 lots; if > 200000 lots, it is 2% of the unilateral position. From the 15th trading day of the "month before the contract month", it is uniformly adjusted to 1000 lots [38][39]. Chapter 6: Trading Instructions and Market Function Expansion - The three chemical monthly average price futures support three types of arbitrage trading instructions: same - variety inter - period arbitrage, cross - variety arbitrage, and different delivery method arbitrage. - Starting from the night session on October 28, 2025, they will be included in the list of tradable products for qualified foreign institutional investors (QFIs) [39][40][41]. Chapter 7: Summary - In the context of overall over - capacity and increasing exports in the plastic industry, these futures can meet the risk management needs of enterprises, enrich the pricing strategies of spot trade, and enhance China's influence on international plastic prices. - DCE will continue to track market operations, optimize contract rules, and explore launching similar products for more varieties to improve China's commodity futures product system and serve the high - quality development of the real economy [42][43].
化工品月均价格期货合约及规则介绍
Bao Cheng Qi Huo·2025-10-21 09:42