"上海胶""上海油""上海铜"……一系列"上海价格"的中国商品期货为何在国际贸易市场越来越"热"？ 走进上期所交易大厅，映入眼帘的是墙壁上大屏幕里实时跳动的期货市场行情数据。每一笔成交价格背 后，都有上期所对实体企业的保驾护航。 位于上海浦东的上期所是国内五大期货交易所之一，成立于1999年，受中国证监会集中统一监管。目前 已上市铜、铝、锌、铅、锡、镍等25个期货品种，铜、天然橡胶、黄金等18个期权品种，涵盖金属、能 源、化工、服务等领域。其中，原油、低硫燃料油、20号胶、国际铜、集运指数（欧线）等5个期货品 种和原油期权直接对境外投资者开放，铜、黄金、原油等32个期货、期权品种允许合格境外投资者（包 括QFII、RQFII）参与交易。 上期所博物馆记录着中国期货市场的发展脉络和中国资本市场对外开放的点滴。1993年，上期所前身之 一的上海金属交易所推出首个铜期货合约，开启中国工业品期货交易先河；上海原油期货自2018年上市 以来，与国际油价高度联动，标志着中国能源衍生品市场进一步与国际接轨。 作为扎根上海的重要金融基础设施之一，上期所的国际化步伐与上海国际金融中心建设进度高度同频。 9月12日，《国际金融报 ...

Group 1 - The "Vibrant China Research Tour" event highlighted the Shanghai Futures Exchange (SHFE) as it showcased new futures and options products, including printing paper futures and options, fuel oil, asphalt, and pulp options, indicating the expanding influence of "Shanghai pricing" [1] - SHFE has listed a total of 25 futures and 18 options products, with five futures and oil options directly open to foreign investors, allowing qualified foreign investors to participate in trading for 32 futures and options products [6] - The SHFE has established a comprehensive and effective trading operation, self-regulation, and risk control system, supporting a safe and efficient market operation, and has launched various brand projects to enhance market services [7] Group 2 - The number of overseas clients at SHFE has been steadily increasing, with growing participation and enhanced international recognition, as evidenced by the listing of Shanghai rubber futures on the Osaka Exchange [7] - In 2024, SHFE achieved a trading volume of 2.401 billion contracts and a transaction value of 233.95 trillion yuan, maintaining the highest trading amount among domestic exchanges for five consecutive years [7]

(活力中国调研行)上海期货交易所打造价格影响力高地 中新社上海9月12日电 (范宇斌)12日，在上海期货交易所(下称"上期所")交易大厅，两块巨大的显示屏实 时显示着上市交易的各类期货、期权产品的行情，不断跳动的数字彰显着这个市场的活力。在交易大厅 中央，展示着上期所挂牌交易的黄金、白银、燃料油等品种交割样品。 近年来，越来越多的期货品种从中国走向国际，辐射范围逐渐拓展，正在逐步成为国际大宗商品市场不 可或缺的价格参考，"上海价格"的影响力不断扩大。例如，以"上海铜"为代表的上期所有色金属期货， 是中国运行最为成熟、产业参与度最高的商品期货板块，已成为全球三大有色金属定价中心之一。 9月10日，胶版印刷纸期货及期权，燃料油、石油沥青和纸浆期权在上期所挂牌交易。当日起，石油沥 青期货以及燃料油、石油沥青和纸浆期权纳入合格境外投资者(QFI)交易范围。 目前，上期所(含上期能源)已上市25个期货品种、18个期权品种。其中，5个期货品种和原油期权直接 对境外投资者开放，32个期货、期权品种允许合格境外投资者参与交易。上期所境外客户遍布全球30多 个国家和地区，涵盖产业链境内外上下游、跨国贸易公司、投资银行、基金和资 ...

Core Insights - The Shanghai Futures Market has experienced significant growth, with its scale increasing 2.7 times from 2017 to 2024, reaching 425 trillion yuan, and is becoming a global pricing reference for trade [1][2] - The development of the futures market is aligned with China's modernization goals and aims to enhance risk management for enterprises while promoting high-quality development [2][3] Group 1: Market Growth and Development - The Shanghai Futures Market has attracted global industry players and financial institutions, contributing to the construction of a financial hub [2] - The market has listed 47 futures and options products, covering key sectors such as metals, energy, and finance, enhancing its role in risk management for various industries [2][4] - The trading volume of Shanghai's financial market exceeded 365 trillion yuan in 2024, with the futures market being a crucial component [4] Group 2: Regulatory and Strategic Initiatives - The China Securities Regulatory Commission emphasizes the importance of the futures market in supporting the real economy and enhancing financial stability [3] - Ongoing development of the Sci-Tech 50 index futures and options is aimed at better serving high-level technological enterprises [2][3] Group 3: Market Functionality and Impact - Financial futures are playing a stabilizing role in the market, with stock index futures helping to increase the value of hedged stocks by 14% from November 2023 to April 2024 [5][6] - The introduction of new products and adjustments in trading mechanisms have improved market quality, with daily trading volumes for financial futures and options increasing significantly [7] - Institutional participation in financial futures has grown, with a notable increase in the average daily positions held by institutions, enhancing overall market performance [7] Group 4: Future Prospects and Innovations - The Shanghai Futures Exchange plans to launch futures and options for aluminum alloy, further expanding the global influence of "Shanghai prices" [8] - The exchange is actively increasing the number of products available to qualified foreign investors, enhancing international collaboration [8]

Core Insights - The 2025 Shanghai Derivatives Market Forum will be held on May 22-23, focusing on enhancing international influence and promoting openness in the derivatives market [1] - Over the past 20 years, the forum has witnessed the evolution of China's futures market from initial internationalization to deep participation in the global pricing system [2] Group 1: Internationalization of Futures Market - The first internationalized futures product, crude oil futures, was launched in 2018, becoming an essential part of the global oil pricing system and establishing Shanghai as a hub for Asia-Pacific oil trade [2] - The shipping index futures launched in 2023 have filled a gap in the domestic shipping derivatives market, with an average daily trading volume of 132,800 contracts and a trading value of 11.465 billion yuan as of April 2025 [3] - The Shanghai Futures Exchange has authorized the delivery settlement price of natural rubber futures to the Osaka Exchange, marking a significant step in the internationalization of "Shanghai prices" [3] Group 2: Institutional Innovation and Cross-Border Connectivity - The Shanghai Futures Market is continuously innovating to meet the needs of cross-border trade, implementing measures to enhance financial openness and attract global participants [4] - The establishment of a "three-tier market circulation system" aims to assist small and medium-sized enterprises in international procurement, enhancing international cooperation in the copper industry [4] - Recent collaborations with international exchanges, such as the Gulf Commodity Exchange, aim to deepen market connections with Belt and Road countries [4] Group 3: Enhancing Global Influence of "Chinese Prices" - By 2029, a framework for a distinctive Chinese futures regulatory system is expected to be established, with a goal of creating a world-class futures exchange by 2050 [6] - Shanghai aims to increase its commodity trade scale to over 10 trillion yuan by 2027, with a focus on enhancing the global trading volume of commodities priced based on "Shanghai prices" [6] - The Shanghai Futures Exchange plans to introduce more internationalized products and expand cooperation channels to attract more foreign enterprises to participate in futures trading [7]

Core Insights - Shanghai crude oil futures (SC) have established a strong correlation with international crude oil prices, particularly influenced by significant changes in domestic fundamentals or trade flows, showcasing the impact of "Shanghai prices" [1] - The participation in Shanghai crude oil futures has diversified, with various enterprises utilizing these futures for risk management, reflecting the growing influence of Shanghai prices in the global market [2][3] Group 1: Market Dynamics - As of early 2023, China's crude oil imports decreased by over 11% year-on-year, with refinery operating rates near the lower limit of a five-year range, indicating pressure on the midstream refining sector [1] - By September 2024, Shanghai crude oil futures inventory was low, and domestic macroeconomic measures boosted the commodity market, leading to a short-term spike in the price difference between November and December contracts to over 20 yuan/barrel [2] - The price movements in Shanghai crude oil futures are driven by positive macroeconomic conditions in China, with the Dubai crude near-month contract prices rising in response [2] Group 2: Participation and Trading Activity - The number of domestic and international participants in Shanghai crude oil futures trading has increased, with institutional clients accounting for over 40% of daily transactions and over 70% of daily positions by 2024 [2] - The number of overseas clients in the Shanghai Futures Exchange increased by approximately 21% year-on-year, while Qualified Foreign Institutional Investor (QFI) clients grew by about 66% [2] Group 3: Supply Chain and Operational Impact - Shanghai crude oil futures have become a crucial tool for companies facing short-term supply shortages, particularly in response to tight Middle Eastern crude oil imports [3] - In February 2023, the capacity utilization rate of domestic refineries rose above 79%, indicating a recovery in processing volumes and a strong demand for Shanghai crude oil futures contracts [3] - By late February 2023, Shanghai crude oil futures inventory reached 5.887 million barrels, with delivery volumes increasing significantly, marking the highest level since July 2023 [4]