On November 19, International Copper Futures was officially listed on the Shanghai International Energy Exchange (hereinafter referred to as INE). This is the sixth domestic and fourth international futures product under the Shanghai Futures Exchange.

It is worth to note that International Copper is China's first international futures contract operating in a "dual contract" model. Xinghai Fang, vice chairman of China Securities Regulatory Commission, stated at the international copper listing ceremony that he hopes that international copper futures will provide late-comer advantages and become one of the pricing benchmarks for cross-border copper trade in the Asia-Pacific time zone in the future.

The international copper listing has attracted much attention from the industry. From the perspective of market performance, the transaction on the first day was 1.968 billion yuan, and the overall operation was stable. Many foreign legal entities have participated in the transaction.

Another milestone in the internationalization of China's futures market

At 9 a.m. on November 19, 2020, International Copper Futures was officially listed for trading on INE, a subsidiary of Shanghai Futures Exchange.

Xinghai Fang, vice chairman of China Securities Regulatory Commission, said in his speech that the launch of the international copper futures using the “dual contract” is a new exploration of existed futures varieties, and it has the potential to further promote the deep integration of domestic and foreign copper industry chains and supply chains. It is hoped that international copper futures will provide the late-comer advantages and become one of the pricing benchmarks for cross-border copper trade in the Asia-Pacific zone in the future. It will enhance China's pricing influence in the global commodity market and promote the internationalization of RMB.

“In the 30 years since the establishment of China’s capital market, it has always adhered to the principles and direction of open cooperation, which has not only promoted the development and improvement of the capital market itself, but also promoted the high-quality development of the financial industry and the entire economy. An important step has been taken, marked by the listing of crude oil futures, international varieties have gradually increased, the proportion of transactions and positions held by overseas traders has steadily increased, and the influence of international pricing has continued to increase. NR20 futures have become the Benchmarks for China’s NR20 pricing and settlement for border spot trade. LU fuel oil futures will become the first open product in China's futures market to explore cross-border settlement services. It has only been listed for more than half a year, and its holdings exceed 200,000 lots, its influence will be further expanded. "Xinghai Fang pointed out.

Yan Jiang, the chairman of the Shanghai Futures Exchange, pointed out at the listing ceremony that copper has a high level of marketization and internationalization, and it is an important indicator of the global macro economy, and is known as the "Doctor Copper" China is the world's largest copper producer, consumer and importer. There are many upstream and downstream enterprises in the industrial chain, and there is a strong demand for risk management. The copper futures of Shanghai Futures Exchange have a long history, stable trading, reasonable structure, and effective functions. They have become the pricing benchmark for domestic spot trade. However, there are also problems such as low internationalization and limited service markets. The launch of international copper futures for global investors is another active exploration of China’s futures market. The international copper futures operated with the copper futures in Shanghai Futures Exchange simultaneously through the "dual platform" in a "dual contract" mode will better coordinate the domestic and international markets and resources; it has the positive significance for creating new advantages in international cooperation and competition in China's copper industry, and can be more comprehensively and efficiently meeting the needs of corporate risk management.

According to reports, Shanghai Futures Exchange will further provide high-quality product supply in the future, accelerate the launch of existing futures options products, and the development and listing of index futures; steadily expand the tradable varieties of standard warrants, and continue to expand the coverage of the entities; Expand opening up, speed up the internationalization of existing products with high-level supply system, continuously improve market openness and investment convenience, attract and serve global market entities to participate in, use or refer to commodity futures prices, and increase the level of supply and demand in the spot market based on the influence of the commodity prices.

Operated stably on the first day, foreign legal entities actively participating in the market.

International Copper ran smoothly on its first day of listing. The data shows that as of the close of November 19, the total trading volume of international copper futures was 8,300 lots (one-sided, the same below), the trading value was 1.968 billion yuan, and the total open interest was 2100 lots, of which BC2103 total trading volume was 7,600 lots. The transaction amount was 1.78 billion yuan. The closing price of BC2103 contract was 47,090 yuan/ton, down 1.24% from the listed benchmark price.

Honglin Ge, secretary of the Party Committee of China Nonferrous Metals Industry Association, said that the listing of international copper futures marks the formation of a "dual contract" service "dual cycle" pattern between copper futures and international copper futures on Shanghai Futures Exchange. It has great significance and important effect. Shanghai Futures Exchange will provide more continuous and transparent price signals and more effective risk control tools in order to help domestic and foreign companies to make better use of the two international and domestic markets and two kinds of resources, accelerating the pace of high-quality development, it means that China’s non-ferrous metals industry has made another important step in the process of internationalization”.

As an international variety that is open to the outside world, international copper has attracted the attention of foreign institutions on the first day of listing. It is understood that the number of members and customers participating in the auction on the first day of trading of international copper futures were 47 and 80 respectively, and the first batch of 267 lots (one-sided) was traded. The domestic and foreign copper industry chain companies that participated in the auction to reach the first batch of transactions include: Ningbo Group Co., Ltd., Jiangxi Copper Co., Ltd., Minmetals Nonferrous Metals Co., Ltd., Wanbao Mining., Ltd., ENVY GLOBAL TRADING PTE. LTD., TRIWAY INVESTMENT (HK) LIMITED, SUCDEN FINANCIAL LIMITED, Jiangxi Copper International Trade Co., Ltd., Yunnan Copper Co., Ltd., Hongyuan Hengli (Shanghai) Industrial Co., Ltd., Shanghai Yujiangyuan Trading Co., Ltd., BOCI Global Commodities Limited, LOBB HENG PTE LTD etc. It can be seen that there are many foreign legal entities participate in the market.

11月19日，国际铜期货在上海国际能源交易中心（下称上期能源）正式挂牌上市，这是国内第6个、上海期货交易所（下称上期所）旗下第4个国际化期货品种。

值得注意的是，国际铜是中国首个以“双合约”模式运行的国际化期货合约。中国证监会副主席方星海在国际铜上市仪式上提出，希望国际铜期货充分发挥后发优势，在不远的将来能成为亚太时区铜跨境贸易的定价基准之一。

国际铜上市备受业内关注，从市场表现看，首日成交19.68亿元，总体运行平稳，已有多家外资法人参与了交易。

中国期货市场国际化再迎里程碑
2020年11月19日上午9时，国际铜期货在上期所子公司上期能源正式挂牌交易。
中国证监会副主席方星海在致辞中表示，本次上期所用“双合约”推出国际铜期货，是存量期货品种对外开放的崭新探索，对进一步促进国内外铜产业链和供应链深度融合具有重要意义。希望国际铜期货充分发挥后发优势，在不远的将来能成为亚太时区铜跨境贸易的定价基准之一，为提升中国在全球大宗商品市场的定价影响力，推动人民币国际化，做出应有的贡献。

“中国资本市场建立30年以来，始终坚持开放合作的原则和方向，不仅促进了资本市场自身的发展完善，也推动了金融业和整个经济的高质量发展。上期所在国际化探索中，率先迈出了坚实步伐，以原油期货上市为标志，国际化品种逐步增加，境外交易者的成交和持仓占比稳步提高，国际定价影响力不断提升。20号胶期货已开始成为我国20号胶跨境现货贸易的计价和结算基准。低硫燃料油期货将成为中国期货市场首个探索跨境交收业务的开放品种，上市仅半年多，持仓量即超过20万手，影响力将进一步扩大。”方星海指出。

上期所理事长姜岩在上市仪式上指出，铜的市场化和国际化程度高，是全球宏观经济的重要指标，素有“铜博士”的美誉。我国是全球最大的铜生产、消费和进口国，产业链上下游企业众多，风险管理需求强烈。上期所的铜期货历史悠久、交易平稳、结构合理、功能有效，已成为国内现货贸易的定价基准，但也存在着国际化程度不高、服务市场的范围有限等问题。推出面向全球投资者的国际铜期货，是我国期货市场制度型开放的又一积极探索，它与上期所的铜期货以“双合约”模式通过“双平台”同时运行，共同服务“双循环”，将更好地统筹国内国际两个市场两种资源；对于增创我国铜行业的国际合作和竞争新优势、更全面高效地满足企业风险管理需求具有积极意义。
据介绍，上期所未来将进一步提供高质量的产品供给，加快推出现有期货品种的期权产品，以及指数类期货的研发上市；稳步扩大标准仓单可交易品种，持续拓宽服务实体济覆盖面；坚定扩大开放，以高水平的制度供给，加快现有品种的国际化，不断提升市场开放度和投资便利度，吸引和服务全球市场主体参与、使用或参考大宗商品期货价格，提升与现货市场供需相适应的大宗商品价格影响力。

首日运行平稳，外资法人积极参与
国际铜上市首日运行平稳。数据显示，截至11月19日收盘，国际铜期货总成交量0.83万手（单边，下同），成交金额19.68亿元，总持仓量0.21万手，其中主力BC2103合计成交量0.76万手，成交金额17.82亿元。主力BC2103合约收盘价47090元/吨，较挂牌基准价下跌1.24%。
中国有色金属工业协会党委书记葛红林表示，国际铜期货的上市，标志着上期所铜期货与国际铜期货形成了“双合约”服务“双循环”的格局，意义重大，作用深远，将提供更加公开、连续、透明的价格信号和更有效的风险管控工具，助力国内外企业更好地利用国际国内两个市场、两种资源，加快高质量发展步伐，标志着我国有色金属工业在国际化进程中又迈出了重要一步。
作为对外开放的国际化品种，国际铜在上市首日即得到了外资机构的关注。据了解，国际铜期货首日交易参与集合竞价的会员和客户分别为47家、80个，首批成交267手（单边）。参与集合竞价达成首批交易的境内外铜产业链企业，包括：中基宁波集团股份有限公司、江西铜业股份有限公司、五矿有色金属股份有限公司、万宝矿产有限公司、ENVY GLOBAL TRADING PTE. LTD.、TRIWAY INVESTMENT (HK) LIMITED、SUCDEN FINANCIAL LIMITED、江铜国际贸易有限公司、云南铜业股份有限公司、宏源恒利（上海）实业有限公司、上海裕江源贸易有限公司、BOCI Global Commodities Limited、LOBB HENG PTE LTD等。可以看到，其中有多家外资法人的身影。