On January 20, 2021, the 100.446-ton SPCC- ILO international copper futures standard warehouse receipt produced by Peru Southern Copper Co., Ltd. was officially produced in Shanghai Yangshan Free Trade Port Shitianwei Logistics Co., Ltd. This is the first time that international copper standard warehouse receipts have been generated since international copper futures were listed and traded at the Shanghai International Energy Trading Center.
The cathode copper was purchased by Fusheng International Industrial Co., Ltd. (hereinafter referred to as "Fusheng International") through an overseas copper trading enterprise and arrived in Yangshan Special Comprehensive Free Trade Zone in early January 2021. After being inspected by Yangshan Customs, the designated delivery warehouse is inspected, the previous phase of energy inspection and the Shanghai Customs Industrial products and Raw Materials Inspection Technology Center are registered and generated. The person in charge of Fusheng company said that the smooth generation of the warehouse receipts laid a good foundation for the company to participate in international copper physical delivery. It is reported that Fusheng plans to participate in the first delivery of international copper futures in March 2021.
Market participants believe that only 2 months after listing, the performance of international copper futures is obvious to all. As an enterprise registered in Hong Kong, China, Fusheng International registered to generate the first batch of international copper futures warehouse receipts. on the one hand, it marks the recognition and use of the service function of this variety by entity enterprises, especially overseas participants. On the other hand, it also shows that the business process related to international copper futures has changed from system design to business practice, and Chinese prices have taken a solid step towards the world.
Fusheng International said that international copper futures are facing tax-free markets outside the customs border, including countries and regions within and outside customs and in the Asia-Pacific time zone, reflecting the relationship between supply and demand in the international market. As an efficient and transparent new market, it adds a market choice for different investors. Enterprises can compare and calculate the prices of copper futures, international copper futures and LME copper futures, and choose the most favorable quotation for spot trading. In addition, the RMB pricing model of international copper futures is very convenient and smooth delivery, which can effectively avoid the uncertainty of foreign exchange purchase time and exchange rate losses, exchange rate fluctuations and other risks.
It is reported that since the listing of International Copper on November 19, 2020, the overall operation of the market has been stable, the futures function has gradually emerged, various types of market participants have increased steadily, foreign legal persons have actively participated, spot prices have been closely linked, and the price correlation has reached 99%. All parties in the market are paying more attention to international copper futures. With the market participants familiar with the variety rules and systems, business processes, no matter the transaction, position, or the number of warehouse receipts will be further increased, the variety function will also be further deepened. From the perspective of market size, according to unilateral calculation, as of January 20, 2021, there were a total of 780700 international copper futures transactions, with a cumulative transaction value of 201.545 billion yuan, with a maximum position of 23400 lots.
According to the relevant person in charge of the Shanghai International Energy Exchange Center, the delivery work has been highly valued by the last phase of energy, and has been continuously optimized and improved. The last phase of Energy has held a series of training on international copper futures for many times, giving a comprehensive explanation to all parties involved in the market. In particular, the operation and supervision points of the practical operation of delivery of commodities under different customs conditions are combed in detail. In the next step, the last phase of energy will pay close attention to the needs of investors, constantly optimize the delivery process, choose the opportunity to optimize the layout of international copper futures delivery warehouses, and timely study the possibility of setting up overseas delivery warehouses. International copper futures and the previous copper futures run simultaneously through "double platforms" in a "double contract" mode, serving global investors to better coordinate two kinds of resources in both domestic and international markets, and enhance the price influence of important commodities. to serve the new development pattern in which the domestic and international cycles are the main body and the domestic and international cycles promote each other.
