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China Market

China Market

Specifications
Q1.Specification
ItemContent
TypeMedium Sulfur Crude Oil
CodeSC
Unit1000 barrels / lot
QuotationYuan (RMB) / Barrel
Mini Price Fluctuation0.1 Yuan (RMB)  / Barrel
Daily Price Limit≦ previous daily settlement ±5%
Listed ContractWithin 36 months
First 12 consecutive months Quarterly months afterward
Trading Hours9:00 am - 11:30 am,1:30 pm - 3:00 pm
21:00 pm - 02:00 am
(or others specified by INE)
Last trading DayLast trading day of contract month before the settlement month
(INE has the right to adjust according to national holidays)
Delivery Period5 consecutive days after the last trading day
Quality SpecificationsMedium Sulfur Crude Oil;Standard API 32,Sulfur 1.5%
(or others specified by INE)
Delivery VenuesSettlement warehouses designated by INE
Minimum MarginContract Value 7% (or adjusted by INE/clearing members)
Settlement TypePhysical
Q2.Cross Market Comparison
(一)Contract Size
The same with the 3 major crude oil futures, easy for trading.
INE-image02.png
(二)Trading Hours
INE trading hours is planned for day time currently。Not yet follow the 3 major crude oil futures to cover the whole day trading.
INE-image03.png
Note:The above is Beijing Time, American Daylight Time is one hour earlier
(三)Others
Pricing: INE oil futures is priced in RMB while the other 3 major oil futures are priced in USD.
Settlement: ICE Brent is in cash settlement while INE SC and the other 2 major oil futures are in physical settlement.
Last Trading Day: For the same expiry contract month, INE SC is the last one to expire.
Ex:2017 Sep contract expiry
INE-image04.jpg
Margining: INE SC is on percentage of contract value (5% ruled by INE) ,the other 3 major oil futures are on fix margining published by the respective exchanges.

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