24 September 2013 05:10 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Shanghai Futures Exchange (SHFE) will launch trading of bitumen futures contracts on 9 October, the exchange announced late on Monday.
Eight contracts from February 2014 to September 2015 will be traded initially, including BU1402, BU1403, BU1406, BU1409, BU1412, BU1503, BU1506 and BU1509, the SHFE said in a statement.
Deposit rate will be 6% of contract amount, and the maximum price changes in one session will be 4% of the session’s base price.
Seven companies, consisting of PetroChina Fuel Oil, CNOOC Oil and Gas, Sinochem Hongrun, Jinhai Hongye, Shandong Kinshi, Thailand’s Tipco Asphalt and South Korea’s SK Energy, have registered their brands in SHFE as delivery cargoes.
The first three companies’ delivery cargoes will be settled at standard futures prices. Jinhai Hongye and Shandong Kinshi’s cargoes will be settled at a discount of yuan (CNY) 50/tonne ($8.20/tonne), while Tipco and SK Energy’s cargoes will be at a premium of CNY50/tonne over standard prices, the SHFE said.
Meanwhile, the SHFE has picked seven delivery points, four of which are based in Jiangsu province, two are located in Zhejiang province and one in Guangdong province.
($1 = CNY6.12)
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