1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report introduces the futures and options contracts of pure benzene, including contract specifications, delivery grades, delivery and warehouse receipt - related matters, and position limits. It also elaborates on the physical and chemical properties of pure benzene and its production processes. Moreover, it analyzes the impact of blending logic on pure benzene production, emphasizing the need to consider this factor when judging pure benzene output [2]. 3. Summary According to the Table of Contents 3.1 Introduction In recent years, the price of pure benzene has fluctuated greatly, increasing the demand for using pure benzene futures derivatives to hedge risks and discover prices. In 2025, the Dalian Commodity Exchange carried out a series of procedures for pure benzene futures and options, including soliciting opinions, obtaining regulatory approval, and announcing relevant rules [5]. 3.2 Pure Benzene Futures and Options Contracts - **Pure Benzene Futures Contract**: The trading code is BZ, with a trading unit of 30 tons/hand. Based on the 2024 average spot price of pure benzene in East China ports, each contract is worth about 248,800 yuan, and the minimum margin is 12,400 yuan/hand. The contract months are from January to December, and the last trading day is the fourth - last trading day of the contract month, with a daily price limit of 4% [6][7]. - **Pure Benzene Futures Options Contract**: Call option trading code is BZ - contract month - C - strike price, and put option trading code is BZ - contract month - P - strike price. The trading unit is 1 hand of pure benzene futures contract. The last trading day is the 12th trading day of the month before the delivery month of the underlying futures contract [8][9][10]. 3.3 Delivery Grade The delivery standard is in line with the national standard GB/T 3405 - 2025, targeting the mainstream products in the spot market. It has specific requirements for crystallization point, purity, and other indicators [12]. 3.4 Delivery and Warehouse Receipt - related Matters Enterprises participating in delivery need hazardous chemicals qualifications. The futures contract supports three delivery methods. The combination of factory and warehouse delivery systems is adopted, but the specific delivery warehouses are yet to be determined. The pure benzene standard warehouse receipts are subject to monthly cancellation, and the regional delivery premiums and discounts are yet to be announced [13][14]. 3.5 Position Limits For general months, when the pure benzene position is ≤40,000 hands, non - futures company members/overseas special non - brokerage participants and customers have a position limit of 2,000 hands each (equivalent to 60,000 tons). When the position >40,000 hands, the limit is 5% of the unilateral position. As the delivery month approaches, the position limits are gradually reduced [15]. 3.6 Physical and Chemical Properties of Pure Benzene Benzene is a simple aromatic compound, flammable, volatile, and toxic. It has specific physical properties such as density and boiling point. It is mainly used as a solvent and in the synthesis of derivatives. Storage requires special precautions due to its hazardous nature [17][19]. 3.7 Production Processes of Pure Benzene - **Petroleum - based Processes**: Account for 74.6% of the total domestic production capacity, including catalytic reforming (49% of total capacity), ethylene cracking (25% of total capacity), and toluene disproportionation (24% of total capacity) [20]. - **Coal - based Process**: Produces hydrogenated benzene through coal coking by - product crude benzene extraction and hydro - refining. Due to the higher purity of petroleum - based benzene, coal - based benzene production is gradually being replaced [20]. 3.8 Impact of Blending Logic on Pure Benzene - **Gasoline Demand**: Strong gasoline demand leads to more reformed gasoline entering the blending pool, reducing the raw materials for aromatic extraction and thus decreasing the production of benzene through catalytic reforming. Weak gasoline demand has the opposite effect [43]. - **Demand for High - Octane Components**: High demand for high - octane components like toluene leads to more toluene being used for gasoline blending, reducing the supply of benzene produced through toluene disproportionation. Weak demand for high - octane components has the opposite effect [44].

Group 1 - The Dalian Commodity Exchange has announced the establishment of pure benzene futures and options contracts along with related rules [1] - The approval of the contracts and modifications to various management measures was made during the 60th meeting of the fourth council of the Dalian Commodity Exchange [1] - The specific trading time and related matters for the pure benzene futures and options contracts will be notified separately [1]