The international discourse power of the target industry, this new futures product listed in Shanghai, is the world's first physical delivery of alumina products worldwide
At 9:00 am on June 19th, the world's first physically delivered alumina futures were officially listed for trading on the Shanghai Futures Exchange.
The first batch of aluminum oxide futures was listed for trading, with a total of 8 contracts listed at a benchmark price of 2665 yuan/ton. On that day, the opening price of the main AO2311 contract was 2730 yuan/ton, and the closing price was 2721 yuan/ton, an increase of 56 yuan/ton or 2.10% from the listed benchmark price. Throughout the day, there were 100700 transactions with a total transaction amount of 5.462 billion yuan and a position of 14700.
The aluminum industry is a fundamental industry that supports the development of the national economy, and aluminum oxide, also known as aluminum trioxide, is the main raw material for the aluminum industry. China has long been the world's largest producer and consumer of alumina, with numerous upstream and downstream enterprises in the industrial chain and a strong demand for risk management. Tian Xiangyang, Secretary of the Party Committee and Chairman of the Shanghai Futures Exchange, stated that listing alumina futures will help promote effective integration and smooth circulation in the futures and spot markets, improve resource allocation efficiency, better coordinate alumina resources in both domestic and international markets, and further enhance the resilience and security level of China's aluminum industry supply chain; Helping to improve the market-oriented pricing mechanism, accelerate the formation of open, fair, and just market prices, and use market-oriented means to assist in industrial structure adjustment; It helps to further enrich the risk management tools for aluminum industry chain enterprises, assist enterprises in effectively managing risks and efficiently allocating resources.
Industry insiders generally believe that listing alumina futures will further promote the construction of a global alumina pricing system, and better enhance the international influence and discourse power of China's aluminum industry.