The international copper futures contract was listed on Shanghai International Energy Exchange on the 19th, becoming the fourth listed product listed on Shanghai Futures Exchange, it has also become the first product in the domestic futures market to be listed on the domestic and international platforms with a "dual contract".
On the first day of listing, 47 members and 80 customers participated in the call auction, and the first batch of 267 lots was traded. The BC2103 contract opened at 47,500 yuan per ton, a decrease of 180 yuan from the benchmark price of 47,680 yuan per ton.
It is reported that the domestic and foreign copper industry chain enterprises that participated in the call auction to reach the first batch of transactions, including China-base Ningbo Group Co.,Ltd, Jiangxi copper corporation, China minmetals corporation, Wanbao mining Ltd, NVY GLOBAL TRADING PTE. LTD., TRIWAY INVESTMENT (HK) LIMITED, SUCDEN FINANCIAL LIMITED, Jiangxi copper corporation, Yunnan copper co,. BOCI Global Commodities Limited, LOBB HENG PTE LTD.
Xinghai Fang, vice chairman of China Securities Regulatory Commission, said in a video speech that the launch of international copper futures with the "dual contract" used in the previous period is a new exploration of the opening of stock futures varieties and has a great significance to further promote the deep integration of the domestic and foreign copper industry chain and supply chain.
The "dual contract" is based on the preservation of copper futures on Shanghai Futures Exchange and the listing of international copper futures for international investors on INE in a specific product model. The two contracts are consistent in terms of trading unit, quotation unit, minimum change price, contract month, trading time, etc., opening up a new international model for China’s stock futures varieties.
Previously, the crude oil futures, NR20 and low-sulfur fuel oil futures listed on INE in the previous period were all listed on international platforms as new products, that is, using the trading model of "international platform, net price trading, bonded delivery, and RMB-denominated". All the investors participate on the same platform, and the internationalization of futures products such as iron ore and PTA is introduced to foreign traders based on the participation of domestic investors.
According to industry insiders, the reason for launching the listing of international copper futures contracts is mainly because China has two domestic copper spot markets including tax market and the domestic foreign bonded copper spot markets. In the future, Shanghai Futures Exchange copper futures contracts will serve the domestic spot market and reflect the supply and demand relationship in the domestic market. In line with market expectations, international copper futures serve the tax-free market outside the border, reflecting the international market’s supply and demand and investor expectations.
Yunian Chen, deputy general manager of Jiangxi Copper Industry Co., Ltd., stated that the current global economic growth is slowing and the copper industry is also facing severe challenges. The launch of international copper futures trading has opened up a new channel for domestic and foreign investors to participate in international copper pricing. Provide richer and more comprehensive market risk management tools for China's copper industry, and play an important role in serving the domestic and international "dual cycle".
Yan Jiang, chairman of Shanghai Futures Exchange, said that the launch of international copper futures for global investors is another active exploration of the institutional opening of China’s futures market. The international copper futures and the copper futures of Shanghai Futures Exchange have adopted the “double contract” through the “double platforms”. The “platform” runs at the same time to jointly serve the “dual cycle”, which will better coordinate the resources of the domestic and international markets, this will create new advantages in the international cooperation and increase the competition in China’s copper industry, and more comprehensively and efficiently meet the corporate risk management needs.
"It is hoped that international copper futures will give full play on their late-comer advantages and become one of the pricing benchmarks for cross-border copper trade in the Asia-Pacific time zone in the near future. To enhance China's pricing influence in the global commodity market and to promote the internationalization of the RMB." Xinghai Fang said.

新华社：国际铜期货合约上市 开启存量期货品种国际化新模式
国际铜期货合约19日在上海国际能源交易中心挂牌上市，成为上海期货交易所这一国际化平台上市的第四个上市品种，也成为国内期货市场首个以“双合约”分别在国内和国际两大平台上市的品种。
上市首日，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，最近月的BC2103合约开盘报每吨47500元，较基准价每吨47680元下跌了180元。
据悉，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。
中国证监会副主席方星海在视频致辞中表示，此次上期所用“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。
所谓“双合约”，是在保留上海期货交易所铜期货的基础上，以特定品种模式在上期所旗下子公司上期能源上市面向国际投资者的国际铜期货，两合约在交易单位、报价单位、最小变动价位、合约月份、交易时间等方面保持一致，开启了我国存量期货品种的国际化新模式。
此前，上期能源上市的原油期货、20号胶和低硫燃料油期货品种均作为全新品种在国际平台上市，即采用“国际平台、净价交易、保税交割、人民币计价”的交易模式，境内境外投资者同台参与，而包括铁矿石、PTA等期货品种的国际化则是在国内投资者参与的基础上引入境外的交易者。
业内人士表示，之所以启动国际铜期货合约上市，主要是我国存在国内含税和境内关外保税两个铜现货市场，未来上期所铜期货合约将服务于国内的现货市场，反映国内市场的供求关系和市场预期，国际铜期货则服务于关境外的不含税市场，反映国际市场的供求关系和投资者预期。
江西铜业股份有限公司副总经理陈羽年表示，当前全球经济增速放缓，铜产业也面临严峻考验，推出国际铜期货交易，为国内外投资者参与国际铜定价开辟了新通道，将为我国铜行业提供更加丰富完善的市场风险管理工具，在服务国内国际“双循环”上发挥重要作用。
上海期货交易所理事长姜岩说，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，国际铜期货和上期所的铜期货以“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。
“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。”方星海表示。