The international copper futures contract was officially listed for trading at Shanghai International Energy Exchange (hereinafter referred to as the "INE") today. This is the first domestic international futures contract to operate in a "dual contract" mode, using international platform, net price transaction, bonded delivery, renminbi pricing" model, fully introduce foreign traders to participate.
This is also the fourth internationalized commodity futures launched by INE. In the future, international copper futures will work with copper futures in Shanghai Futures Exchange to serve the "double cycle" with "dual contracts", implement the futures market opening strategy, and continuously enhance the futures market's ability to serve the real economy.
According to the trading rules announced by INE in the previous period, 8:55 to 9:00 is the call auction time, and the market officially opens at 9:00. There are 9 international copper futures contracts listed in the first batch, including BC2103 and BC2104. The contract benchmark price is 47,680 yuan/ton. The trading margin is 8% of the contract value. The price limit is ±6%, and the price limit on the first day is twice as large. On the night of the launch, the international copper futures contract night trading started simultaneously, and the trading time was from 21:00 to 1:00 the next day.
"According to the current benchmark price and margin level, if the margin added by the futures company is not included, the margin required to trade an international copper contract is 19,072 yuan. Compared with domestic copper futures, the contract size is moderate and the performance is active." Yijie Wu, a researcher of a future company told a reporter from Shanghai Securities News.
According to the relevant rules, foreign special non-broker participants and overseas customers can use foreign exchange funds as margin. If foreign exchange funds are used as margin, the central parity of RMB exchange rate announced by China Foreign Exchange Trade Center on the day is used as the benchmark price for market value verification. Currently, the foreign exchange currency that can be used as margin in the previous energy regulations is US dollars, and the discount rate is 0.95.
The person in charge of INE stated that the overall design idea of the international copper futures is to keep the copper futures of Shanghai Futures Exchange unchanged, and to list international copper futures as a specific product model, that is, the "dual contract" model, which is China's first internationalized futures contracts operating in the "dual contract" mode. The "dual contract" model is based on the new business launched in the bonded market and the international market without changing the existing domestic market structure, this will help to carry out new business in an orderly manner under the premise of ensuring the smooth operation of the copper futures contract on Shanghai Futures Exchange.
As for the difference between "dual contracts," the person in charge stated that Shanghai Futures Exchange's copper futures are based on the tax-included market within the customs borders, reflecting the domestic market supply and demand, and their prices have become the pricing benchmark for domestic spot trade. International copper futures are focusing on non-tax-excluded markets outside customs, including countries and regions outside customs and Eastern time zones, reflecting the relationship between supply and demand in the international market.
"China is the world's largest producer and consumer of refined copper. In the past, the domestic and foreign copper pricing methods and differences in fiscal, taxation, foreign exchange, customs policies, and delivery standards which have brought inconvenience to the cross-border value preservation for the domestic copper companies. It also brings uncertainty to the actual operation effect." deputy general manager Hui Yun from a futures company told a reporter from Shanghai Securities News that the launch of international copper futures will more directly reflect the supply and demand situation in the global spot market. Providing the international risk management services for the enterprises.
A metals analyst Rengjian Wang told a reporter from Shanghai Securities News that the current expectation of tight supply of copper mines has not been changed. The demand side is mixed in the short term, and fundamentals have no outstanding short-term contradictions. However, the current electrolytic copper stocks are at a low level, with 160,000 tons of London copper stocks, 110,000 tons of copper stocks on Shanghai Futures Exchange, and 360,000 tons of copper stocks in the bonded zone, which will support copper prices in the later period. It is recommended that companies participate in international trade can appropriately use international copper contracts to complete hedging operations.

国际铜期货交易合约今日在上海国际能源交易中心（下称“上期能源”）正式挂牌交易，这是国内首个以“双合约”模式运行的国际化期货合约，采用“国际平台、净价交易、保税交割、人民币计价”的模式，全面引入境外交易者参与。
这也是上期能源推出的第4个国际化商品期货。未来，国际铜期货将与上海期货交易所铜期货一起，以“双合约”服务“双循环”，践行期货市场对外开放战略，不断增强期货市场服务实体经济能力。

根据上期能源公布的交易规则，今天8点55分至9点为集合竞价时间，9点正式开市。首批上线的国际铜期货合约有9个，包括BC2103、BC2104等。合约挂牌基准价均为47680元/吨。交易保证金为合约价值的8%。涨跌停板幅度为±6%，首日涨跌停板幅度为其2倍。上线当晚，国际铜期货合约夜盘交易同步启动，交易时间为21点至次日1点。
“根据目前的基准价和保证金水平计算，若不算上期货公司追加的保证金，交易一手国际铜合约所需保证金为19072元。与国内铜期货相比，合约大小适中，活跃可期。”大陆期货有色研究员吴旖婕对上海证券报记者表示。

根据相关细则，境外特殊非经纪参与者、境外客户可以使用外汇资金作为保证金。以外汇资金作为保证金的，以中国外汇交易中心公布的当日人民币汇率中间价作为其市值核定的基准价，目前上期能源规定可用于作为保证金的外汇币种为美元，折扣率为0.95。
上期能源相关负责人表示，国际铜期货的总体设计思路是在保留上期所铜期货不变的基础上，以特定品种模式在上期能源上市国际铜期货，即“双合约”模式，是我国首个以“双合约”模式运行的国际化期货合约。“双合约”模式是在不改变国内现有市场格局的前提下，基于保税市场和国际市场推出的新业务，有助于在保证上期所铜期货合约平稳运行的前提下有序开展新业务。
至于“双合约”的区别，该负责人表示，上期所铜期货立足海关关境以内的含税市场，反映的是国内市场供求关系，其价格已成为国内现货贸易的定价基准。而国际铜期货面对的是关境以外的不含税市场，包括境内关外和远东时区的国家和地区，反映的是国际市场供求关系。
“中国是全球最大的精铜生产和消费国，以往国内外铜计价方式以及国与国之间财税、外汇、海关政策、交割标准方面的差异，给国内铜企业的跨境保值带来了不便，对实际的操作效果也带来了不确定。”铜冠金源期货有限公司副总经理贠辉对上海证券报记者表示，国际铜期货的推出将更直接地反映全球现货市场的供需情况，更好地服务企业国际化风险管理需求。
南华期货金属分析师王仍坚对上海证券报记者表示，目前铜矿供应紧张的预期并未得到改变，需求端短期来看喜忧参半，基本面短期没有突出的矛盾。不过，目前电解铜库存均处于低位，伦敦铜库存16万吨，上期所铜库存11万吨，保税区铜库存36万吨，后期对于铜价是有利支撑。建议参与国际贸易的企业可适当利用国际铜合约完成套保操作。