定了！28日挂牌，现金交割！三个化工品月均价期货品种来了

Core Viewpoint - The launch of monthly average price futures for LLDPE, PVC, and PP at Dalian Commodity Exchange aims to enhance liquidity and provide a pricing tool that aligns with the purchasing and sales practices of enterprises in the chemical industry [1][2][3]. Group 1: Launch Details - The first three chemical monthly average price futures will be listed on October 28, with contracts for the months of February, March, and April 2026 [1][3]. - The trading unit for these contracts is set at 5 tons per lot, with a minimum price fluctuation of 1 RMB per ton [2][3]. - The contracts will be included in the range of tradable products for qualified foreign institutional investors starting from the night session on October 28 [1]. Group 2: Pricing Mechanism - The pricing mechanism for the monthly average price futures will utilize a "phased calculation" model to ensure price fairness and mitigate market manipulation risks [3]. - During the month prior to the contract month, the daily settlement price will be directly linked to the corresponding physical delivery futures contract's settlement price [3]. - Once in the contract month, the settlement price will be calculated as an arithmetic average of the actual settlement prices and estimated values, reflecting the "monthly average" pricing logic more accurately [3]. Group 3: Industry Impact - The introduction of monthly average price futures is expected to enrich enterprises' pricing strategies in spot trading, providing a fair average price signal and enabling more diverse risk management strategies [5]. - The launch is seen as a significant step for the plastic industry, enhancing China's pricing influence in the international market and supporting high-quality industrial development [5]. - The Dalian Commodity Exchange aims to create a complementary relationship between the new monthly average price futures and existing physical delivery futures, enhancing the overall ecosystem of chemical derivatives [5].