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Thu 6 Jan 2011, 11:32 GMT

SHFE to raise fuel oil lot size


Shanghai Futures Exchange gets green light to change the trading unit for its fuel oil futures contracts.

The Shanghai Futures Exchange (SHFE) has been granted approval to increase the lot size of its fuel oil futures contracts.

The green light was given by the China Securities Regulatory Commission (CSRC) for the SHFE to change the trading unit for its fuel oil contracts from 10-tonne to 50-tonne lots. The first contract to trade using the new lot size will be the January 2012 contract: 'FU1201'.

Full contract specifications have been provided below:

Underlying Product
Fuel Oil

Trading Unit
50 ton/lot

Quotation Unit
Yuan (RMB)/ton

Tick Size
1 Yuan/ton

Daily Price Limit
Within range of 5% above or below the settlement price of the previous trading day

Contract Months
January to December(Except the Spring Festival)

Trading Hours
9:00 am to 11:30 am, 1:30 pm to 3:00 pm

Last Trading Day
The last trading day of the month before the spot month (postponed if legal holidays)

Delivery Duration
Five consecutive business days after the last trading day (postponed if legal holidays)

Deliverable Grades
Fuel oil, 180CST or higher standard

Delivery Sites
SHFE approved warehouses

Minimum Transaction Margin
8% of contract value

Transaction Fee
Equal or below 0.02% of transaction value (risk reserve included)

Delivery Method
Physical Delivery

Symbol
FU

Listed Bourse
SHFE

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