Core Points - The Shanghai Futures Exchange has established new rules for alumina futures, specifically regarding the expiration and renewal of warehouse receipts [1][2] - The effective period for standard warehouse receipts is set at 180 days from the production date, with a requirement to register within 60 days post-production [1] - Once a warehouse receipt exceeds its validity period, it will be automatically canceled and cannot be used for delivery or renewal [1] Summary by Sections Warehouse Receipt Validity - Standard warehouse receipts for alumina are valid for 180 days from the production date and must be registered within 60 days after production [1] - Expired warehouse receipts will be automatically canceled and cannot be renewed or used for delivery [1] Renewal Operations - The term "renewal" refers to the process of closing positions in near-month contracts and transferring them to far-month contracts before the expiration of the futures contract [1] - Warehouse receipts themselves cannot be renewed; they must be canceled or re-registered if continued delivery is required [1] Delivery Month Position Limits - During the delivery month, positions must be in multiples of 15 lots, and all deliveries or closures must be completed by the last trading day [1] - There is no allowance for indefinite renewal or rolling over the same warehouse receipt [1] Natural Person Restrictions - Individual clients are restricted from participating in the delivery month and must close positions or renew in advance [2] Market Impact - Concentrated renewals may lead to a reduction in short-term supply, potentially driving up futures prices, as evidenced by a 2% increase in the AO2509 contract following the June 2025 alumina warehouse receipt renewal [2]