Shanghai International Energy Exchange has released its Circular on Settlement Issues Concerning the Physical Delivery of Bonded Copper Futures as follows:

To all parties concerned,

In accordance with the Circular of the State Administration of Foreign Exchange on Foreign Exchange Administration for Overseas Traders and Brokers Engaging in Futures Trading under Specific Domestic Categories（Huifa No. 35 [2015]）and other relevant provisions，the physical delivery settlement of Bonded Copper futures shall be conducted via the Shanghai International Energy Exchange. The settlement of Exchange for Physical (EFP) using bonded standard warrants and bonded standard warrants transfer shall not be conducted directly between the buyer and the seller.

Shanghai International Energy Exchange
November 12, 2020