How to participate in crude oil futures?
For a natural person or an institutional trader:
There are two methods for overseas natural persons or institutions to participate:
1) Participate as a Client of China’s Futures Firm Members;
2) Participate in the trading through an Overseas Intermediary, which shall authorize the Client’s orders to a China’s Futures Firm Member.
As an Overseas Intermediary:
Overseas Intermediaries are allowed to introduce overseas traders to China’s Futures Firms Members, after establishing principal-agent relationship with those future firms.
Medium Sour Crude Oil
1000 barrels per lot
(RMB) Yuan per barrel
(no tax or duty included in the quotation)
Minimum Price Fluctuation
0.1 Yuan / barrel
Daily Price Limits
±4% from the settlement price of the previous trading day
Monthly contracts of recent twelve (12) consecutive months followed by eight (8) quarterly contracts.
9:00-11:30 a.m., 1:30-3:00 p.m. (the Beijing Time), and other trading hours as prescribed by the Exchange
Last Trading Day
The last trading day of the month prior to the delivery month; The Shanghai International Energy Exchange is entitled to adjust the last trading day in accordance with the national holidays.
Five (5) consecutive trading days after the last trading day.
Grades and Quality Specifications
Medium sour crude oil with the quality specifications of API 32.0 degrees and sulfur content 1.5% by weight
The deliverable grades and the price differentials willbe stipulated separately by the Shanghai International Energy Exchange.
Delivery Storage Facilities designated by the Shanghai International Energy Exchange
Minimum Trading Margin
5% of contract value
Shanghai International Energy Exchange