On the first day, the transaction volume exceeded 16 billion yuan, marking China's first shipping futures variety to be listed on the index | Futures | China
On the 18th, China's first shipping futures product, the consolidation index futures, was officially listed for trading at the Shanghai International Energy Trading Center, a wholly-owned subsidiary of the Shanghai Futures Exchange.
"Shipping index futures are the most innovative futures products in China's futures market in recent years." Vice Chairman of the China Securities Regulatory Commission, Fang Xinghai, emphasized that this is the world's first shipping futures product developed based on China's index, the first service futures product in China's futures market, the first index and cash delivery futures product listed on commodity futures exchanges, and also a specific domestic product open to international investors. It is of great significance for the innovative development of China's futures market, promoting opening up to the outside world, and improving the quality of market operation.
"Shipping index futures are the most innovative futures products in China's futures market in recent years." Vice Chairman of the China Securities Regulatory Commission, Fang Xinghai, emphasized that this is the world's first shipping futures product developed based on China's index, the first service futures product in China's futures market, the first index and cash delivery futures product listed on commodity futures exchanges, and also a specific domestic product open to international investors. It is of great significance for the innovative development of China's futures market, promoting opening up to the outside world, and improving the quality of market operation.
As of the close of the day, the first batch of EC2404, EC2406, EC2408, EC2410, and EC2412 contracts of the Jiyun Index Futures were listed for trading, with a benchmark price of 780 points. The main contract EC2404 opened at 770 points and closed at 916.3 points on that day. This variety sold 369000 lots throughout the day, with a transaction amount of 16.56 billion yuan and a position of 16000 lots. Ma Wensheng, Chairman of Xinhu Futures Co., Ltd., stated that the activity and liquidity on the first day of listing were good, and the contract prices were hierarchical. "The contracts in April, June, and August 2024 rose in sequence, indicating that the market is optimistic about the economic trend next year.". At the same time, as an international specific variety, the use of RMB pricing in the consolidation index futures not only reduces the risk of foreign exchange fluctuations, but also helps to enhance pricing discourse and international influence.
Han Jun, Assistant General Manager of COSCO Shipping Group and President of China Shipbuilding Agents and Non Vessel Operating Carriers Association, stated that the listing of shipping index futures will provide freight pricing and risk management tools for shipping and foreign trade enterprises, helping them operate steadily.
International shipping is the primary mode of transportation in world trade. According to the 2023 China Maritime Day Announcement, approximately 95% of the import and export trade volume is completed by sea freight. Since 2002, the container throughput of Chinese ports has consistently ranked first in the world. In 2022, China occupied seven out of the top ten global container ports, with a total of 196 million TEUs. Among them, the container throughput of Shanghai Port reached 47.3 million TEUs, ranking first in the world for thirteen consecutive years. Since 2020, influenced by multiple factors both domestically and internationally, the international shipping market has experienced severe price fluctuations and further increased market risks. Participants in the international container transportation market have a strong demand for pricing and hedging.
Shanghai Vice Mayor Jie Dong attended the ceremony.