Copper futures are the futures varieties with copper as the subject matter. They are the futures varieties listed on the Shanghai Stock Exchange. The trading code is CU.
Copper futures
Natural attributes
Copper metal, element symbol Cu, specific gravity 8.92, melting point 1083 ° C, pure copper is light rose or light red, table
World copper resources are mainly concentrated in countries such as Chile, the United States, Zambia, Russia and Peru. Among them, Chile is the country with the richest copper resources in the world, and its copper metal reserves account for about 1/3 of the world's total reserves. In terms of production, Chile is the world's largest copper producer, and its output accounted for about 37% of global output in 2006. In terms of consumption, Western and European countries played the leading role in the copper consumer market before 2000, but after 2000, the protagonists of the copper consumer market changed to China, Russia, India, and Brazil.
Trading
Cathode copper
Trading unit
5 tons / hand
Quotation Unit
Yuan (RMB) / ton
Minimum change price
10 yuan / ton
Maximum daily price fluctuation limit
No more than the previous trading day
Supply and demand
The supply and demand of refined copper is the most direct and fundamental factor affecting copper price changes. Generally speaking, if the supply exceeds demand, the price of copper will fall, and conversely, if the supply exceeds demand, the price of copper will rise. Generally, we can judge the supply and demand of refined copper based on the increase or decrease in inventory, changes in spot premiums, and supply and demand forecasts issued by authoritative research institutions (such as ICSG and Antaike). On the supply side,
Copper traded on the New York Mercantile Exchange, generally advanced
Figure 1 is the CRU supply-demand balance table. Global refined copper supply and demand in each quarter from 2007 to 2012 (unit: thousand tons). It can be seen from the chart that the global refined copper output exceeded the consumption in the fourth quarter of 2008 and the fourth quarter of 2009. Since 2010, production and consumption have tended to balance, and global refined copper production is expected to be higher than demand. [1]
Yingtan Copper Futures Delivery Warehouse is located in Yingtan, Jiangxi. It was approved to be established by the Shanghai Futures Exchange in early December 2014 with an approved storage capacity of 3,000 tons. This is the first copper futures delivery warehouse in China. [2]
Background of the establishment of copper futures
According to the characteristics of copper futures varieties, copper futures delivery warehouses are mainly set up in concentrated consumption areas and distribution centers of electrolytic copper. The establishment of a copper futures delivery warehouse can not only broaden copper companies' electrolytic copper purchase channels, reduce procurement logistics costs, enhance the initiative of the copper deep processing industry, but also help achieve the linkage between copper futures and the spot market, and drive freight, finance, commerce, etc. Development of related industries.
After more than two years of declaration, the Shanghai Futures Exchange officially approved the establishment of a copper futures delivery warehouse in Yingtan in early December 2014. The 11 copper futures delivery warehouses previously approved for establishment are all in China's eastern coastal cities, and Yingtan is the first inland city to be approved.
Related significance of copper futures
The approved storage capacity of Yingtan Copper Futures Delivery Warehouse is 3,000 tons. In the future, the delivery warehouse will become the delivery place for copper futures contracts to perform physical delivery.
Yingtan is an important copper smelting and copper processing base in China and enjoys the title of "China Copper Capital". Jiangxi Copper Group, headquartered in Yingtan, is China's largest copper production base. In 2011, the National Copper and Copper Product Quality Supervision and Inspection Center also settled in Yingtan.
