Core Insights - The increasing popularity of "Shanghai prices" in international trade is attributed to the Shanghai Futures Exchange's (SHFE) efforts to enhance its influence and expand its product offerings [1][4]. Group 1: Shanghai Futures Exchange Overview - SHFE, established in 1999 and located in Shanghai, is one of China's five major futures exchanges, regulated by the China Securities Regulatory Commission [3]. - The exchange currently lists 25 futures products, including copper, aluminum, zinc, lead, tin, and nickel, as well as 18 options products covering various sectors such as metals, energy, and chemicals [3]. - SHFE has opened five futures products and crude oil options directly to foreign investors, allowing qualified foreign institutional investors (QFII, RQFII) to participate in trading for 32 futures and options products [3][4]. Group 2: Internationalization and Market Impact - The internationalization of SHFE aligns with Shanghai's goal of becoming an international financial center, as highlighted in the revised regulations promoting the financial market's internationalization [4]. - "Shanghai copper" has emerged as a significant pricing benchmark in the global non-ferrous metal market, establishing SHFE as one of the three major pricing centers for non-ferrous metals [4][6]. - The listing of "Shanghai natural rubber futures" on the Osaka Exchange in Japan marks a significant step in exporting Chinese futures pricing standards [6]. Group 3: Growth and Future Plans - SHFE has seen a steady increase in foreign participation, with growing numbers of foreign clients and expanding price application scenarios [7]. - The exchange aims to enhance its market service functions, diversify its product offerings, and deepen its high-level openness to further contribute to Shanghai's international financial center development and support high-quality economic growth [7].