[hot spot] Trafigura grabs the first deal on the official listing of international copper futures contract

Published: Nov 19, 2020 12:50

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[international copper futures contract officially listed Trafigura won the first transaction] Today, the international copper futures contract was officially listed in the Shanghai International Energy Trading Center. A number of commodity traders actively participated, and according to SMM, Trafigura grabbed the first order at a price of 47500 yuan / ton.

SMM11 March 19: today, the international copper futures contract is officially listed in the Shanghai International Energy Trading Center. On the first day of international copper futures, a number of commodity traders actively participated in trading, with 47 members and 80 customers participating in collective bidding, with the first batch of 267 transactions (unilateral). Domestic and overseas copper industry chain enterprises participating in collective bidding to reach the first batch of transactions, including but not limited to: Zhongji Ningbo Group Co., Ltd., Jiangxi Copper Co., Ltd., Minmetals Nonferrous Metals Co., Ltd., Wanbao Minerals Co., Ltd., Trafigura Investment (China) Co., Ltd., ENVY GLOBAL TRADING PTE. LTD., TRIWAY INVESTMENT (HK) LIMITED, SUCDEN FINANCIAL LIMITED, Jiangtong International Trading 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. According to SMM, the first order was sold at a price of 47500 yuan per ton during the Trafigura auction.

International copper main contract, that is, BC2103, opened at 47500 yuan / ton in the morning, BC copper hit a high of 47550 yuan / ton within one minute of trading, when the short copper price fell back to 47200 yuan / ton. After a slight pullback, the center of gravity has stabilized at 47100 yuan / ton. As of 10Rod 00BCCopper, it was reported at 47090 yuan / ton, down 580 yuan / ton, or 1.22%. Within the day increased positions by 1745 hands, mainly for short positions, trading volume reached 5402 hands. Yesterday, the last phase of energy issued by the international copper futures contract listing benchmark price of 47680 yuan / ton.

From the perspective of US dollar copper, calculated according to the formula of (LME+ rescheduling fee + Yangshan copper premium) * exchange rate + Hong Kong miscellaneous fees, the theoretical price of today's BC2103 contract is 46947.5 yuan / ton, which is still lower than the disk price of 47090 yuan / ton. There is also a price difference between BC copper and Shanghai copper. If the price of BC copper is 47090 yuan / ton, the after-tax price is 53211.7 yuan / ton, and the price difference between Shanghai copper 2103 contract and Shanghai copper 2103 contract is about 300 yuan / ton. There is a price gap between LME, SHFE and INE, which will promote the enthusiasm of all parties to participate in cross-city transactions and contribute to improving the international influence of commodity prices in China.

International copper futures Trafigura

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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