Details on China’s low-sulphur fuel oil contract (Adds night trading hours in table) SHANGHAI/SINGAPORE, June 22 (Reuters) – China’s ShanghaiInternational Energy Exchange launched its low-sulphur fuel oilfutures contract on Monday June 22.The yuan-denominated contract is China’s latest derivativecommodity product open to foreign investor participation and is aimed at becoming Asia’s price benchmark for the cleanershipping fuel now required.The contract could further China’s ambition to build aregional bunkering hub in Zhoushan port to vie for themultibillion-dollar ship fuel market dominated by Singapore.China’s bonded marine fuel market of about 12 million tonnesa year is dwarfed by the 47.5 million tonnes of bunkers thatleading bunkering centre Singapore sold in 2019.Below are the contract’s specification and details: Product name Low-sulphur fuel oil, max sulphur content of 0.5% Contract size 10 metric tonnes per lot Price quotation yuan per tonne Daily price limits ą5% from the settlement price of the previous trading day Minimum trading margin 8% of contract value Trading hours 9:00-11:30 a.m., 1:30-3:00 p.m.and 9:00-11:00 p.m.Monday-Friday Last trading day The last trading day of the month prior to the delivery month (postponed accordingly if it is a national holiday or weekend) Delivery months January, February, March, April, May, June, July, August, Delivery period Five consecutive trading days after the last trading day Designated delivery – Sinochem-Xingzhong Oil Staging storage facilities (Zhoushan) Co., Ltd.- Zhejiang Offshore Petroleum Storage capacity 570,000 tonnes approved capacity, 320,000 tonnes active Storage fee 3 yuan per tonne each day Delivery fee 1 yuan per tonne (exempted until Jan 8, 2021) (Reporting by Emily Chow in Shanghai and Chen Aizhu inSingapore; additional reporting by Tom Daly in Beijing; Editingby Tom Hogue and David Goodman)First Published: 2020-06-22 01:00:00 Updated 2020-06-22 12:18:04
© 2020 Thomson Reuters.
All rights reserved.Reuters content is the intellectual property of Thomson Reuters or its third party content providers.
Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon.
“Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.Most read today What is RSS? »
Risk Disclosure: Sharenet will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals.Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Currency trading on margin involves high risk, and is not suitable for all investors.
Trading or investing in crypto currencies carries with it potential risks.Prices of crypto currencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.Crypto currencies are not suitable for all investors.Before deciding to trade foreign exchange or any other financial instrument or crypto currencies you should carefully consider your investment objectives, level of experience, and risk appetite.
Sharenet would like to remind you that the data contained in this website is not necessarily real-time nor accurate.
All CFDs (stocks, indexes, futures), Forex and crypto currencies prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.Therefore Sharenet doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.Sharenet may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics.The calculation/derivation may include underlying JSE data.© 2020 SHARENET (PTY) Ltd, Cape Town, South Africa.