Copper Futures Option Contract Specifications of the Shanghai Futures Exchange (Original Version)

Updated on Aug 03,2020

1. The amendment of minimum price fluctuation in Copper Futures Option Contract Specifications shall take effect since September 2, 2020.

2. Since November 17, 2020, the amendment of contract month in Copper Futures Option Contract Specifications shall take effect since newly-listed CU2111 option series. Option series with contract month later than or same with that of CU2111 shall be subject to the revised version. Options series with contract month earlier than that of CU2111 shall be subject to the original version.

3. Since November 16, 2021, the amendment of option style in Copper Futures Option Contract Specifications shall take effect since newly-listed CU2211 option series. Option series with contract month later than or same with that of CU2211 shall be subject to the revised version. Options series with contract month earlier than that of CU2211 shall be subject to the original version.

Amended Version:

Underlying Asset	Copper cathode futures contract (5 tons)
Contract Type	Call option and put option
Contract Size	One copper futures contract
Price Quotation	(RMB) Yuan/ton
Minimum Price Fluctuation	2 Yuan/ton
Daily Price Limit	Same as that for the copper futures contract
Contract Month	Option contracts will be listed for the nearest two consecutive months and, when the open interest of the underlying futures contract, after daily clearing, has reached a specific threshold to be separately announced by the Exchange, for later months on the second trading day thereafter
Trading Hours	9:00 a.m. to 11:30 a.m., 1:30 p.m. to 3:00 p.m., and other hours specified by the Exchange
Last Trading Day	The fifth-to-last trading day of the month before the delivery month of the underlying futures contract, subject to adjustment by the Exchange in case of a national holiday and other special circumstances
Expiration Date	Same as the last trading day
Strike Price	The range of strike price is the previous trading day’s settlement price of the copper futures contract plus or minus 1.0 times the current day’s price limit. The strike price interval is 500 Yuan/ton if strike price ≤ 40000 Yuan/ton; 1000 Yuan/ton if 40000 Yuan/ton < strike price ≤ 80000 Yuan/ton; 2000 Yuan/ton if strike price > 80000 Yuan/ton
Option Style	American style. Buyers may submit an exercise request during trading hours on any trading day before the expiration date, and may submit an exercise or abandonment request before 3:30 p.m. on the expiration date
Contract Symbol	Call option: CU-Contract Month -C-Strike Price Put option: CU-Contract Month-P-Strike Price
Listing Exchange	SHFE