SHFE Accelerates Opening-Up: Nickel Futures and Options Open to Overseas Traders,TSR20 Options and BC Options Listed for Trading

On April 22, 2026 (starting from the continuous trading session on the evening of April 21, 2026), Shanghai Futures Exchange (SHFE) officially introduced overseas traders to participate in the trading of its Nickel futures and options. These two products are also opened to Qualified Foreign Investors (QFIs) concurrently. On the same day, Shanghai International Energy Exchange (INE), a subsidiary of SHFE, listed TSR 20 options and Bonded Copper options, both as Specified Domestic Products opened to overseas traders and QFI-accessible products.

Li Xin, representative from the Futures Supervision Department of China Securities Regulatory Commission (CSRC), read the "Approval on Confirming Nickel Futures and Options as Specified Domestic Products" and……[View More]
 
 
 
 
 
 
 
 
 
 
 
SHFE Nickel Futures Contract Specifications  
Product Nickel
Contract Size 1 metric ton/lot
Price Quotation Yuan (RMB)/metric ton
Minimum Price Fluctuationn 10 Yuan/metric ton
Daily Price Limit Within ±4% of the settlement price of the preceding trading day
Listed Contracts Monthly contract for the most recent 12 months
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 (Beijing Time)
Last Trading Day 15th day of the contract month (postponed accordingly if it is a legal holiday in China and subject to separate adjustment and announcement by the Exchange if it falls in the Spring Festival month or any other month specially designated by the Exchange)
Delivery Period Two consecutive business days after the last trading day
Grade and Quality Specifications Standard products: Ni9996 electrolytic nickel as prescribed in National Standard GB/T 6516-2025, with total nickel and cobalt content not less than 99.96%.

Substitutions: Ni9997 electrolytic nickel as prescribed in National Standard GB/T 6516-2025, with total nickel and cobalt content not less than 99.97%; Ni9999 electrolytic nickel as prescribed in National Standard GB/T 6516-2025, with total nickel and cobalt content not less than 99.99%; or nickel conforming to ASTM B39-79(2023), with nickel content not less than 99.8%.
Delivery Venue Delivery warehouses of the Exchange
Minimum Trading Margin 5% of the contract value
Settlement Type Physical delivery
Delivery Unit 6 metric tons
Contract Symbol NI
Listing Exchange Shanghai Futures Exchange
 
SHFE Nickel Futures Option Contract Specifications  
Underlying Asset Nickel futures contract (1 ton)
Contract Type Call option and put option
Contract Size One Nickel futures contract
Price Quotation (RMB) Yuan/ton
Minimum Price Fluctuation 2 Yuan/ton
Daily Price Limit Same as that for the underlying 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 underlying futures contract plus or minus 1.5 times the current day’s price limit. The strike price interval is 500 Yuan/ton if strike price ≤ 50000 Yuan/ton; 1000 Yuan/ton if 50000 Yuan/ton < strike price ≤ 100000 Yuan/ton; 2000 Yuan/ton if strike price > 100000 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: NI-Contract Month-C-Strike Price
Put option: NI-Contract Month-P-Strike Price
Listing Exchange SHFE
 
INE TSR 20 Options Contract Specifications  
Underlying INE TSR 20 Futures (NR) Contract (10 metric tons)
Contract Type Call option and put option
Contract Size 1 NR contract
Price Quotation (RMB) Yuan/ton
Minimum Price Fluctuation 1 Yuan/ton
Daily Price Limit Same as that for the TSR 20 contract
Listed Contracts Option contracts will be listed for the nearest two consecutive months and, when the open interest of the underlying futures contract after daily clearing reaches a specific threshold separately announced by INE, 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 INE
Last Trading Day The five-to-last trading day of the month before the delivery month of the underlying NR contract (subject to adjustment by INE 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 NR contract plus or minus 1.5 times the current day’s price limit. The strike price interval is 100 Yuan/ton if strike price ≤ 10000 Yuan/ton; 200 Yuan/ton if 10000 Yuan/ton < strike price ≤ 20000 Yuan/ton; 500 Yuan/ton if strike price > 20000 Yuan/ ton
Option Style American style. Buyers may submit an exercise request during trading hours on any trading day before the expiration date and an exercise or abandonment request before 3:30 p.m. on the expiration date
Contract Symbol Call option: NR-Contract Month-C-Strike Price
Put option: NR-Contract Month-P-Strike Price
Listing Exchange Shanghai International Energy Exchange (INE)
 
INE Bonded Copper Options Contract Specifications    
Underlying INE Copper Cathode Futures (BC) Contract (5 metric tons)
Contract Type Call option and put option
Contract Size 1 BC contract
Price Quotation (RMB) Yuan/ton
Minimum Price Fluctuation 2 Yuan/ton
Daily Price Limit Same as that for the BC contract
Listed Contracts Option contracts will be listed for the nearest two consecutive months and, when the open interest of the underlying futures contract after daily clearing reaches a specific threshold separately announced by INE, 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 INE
Last Trading Day The five-to-last trading day of the month before the delivery month of the underlying BC contract (subject to adjustment by INE 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 BC contract plus or minus 1.5 times the current day’s price limit. The strike price interval is 500 Yuan/ton if strike price ≤ 50000Yuan/ton; 1000 Yuan/ton if 50000 Yuan/ton < strike price ≤ 100000 Yuan/ton; 2000 Yuan/ton if strike price > 100000 Yuan/ ton
Option Style American style. Buyers may submit an exercise request during trading hours on any trading day before the expiration date and an exercise or abandonment request before 3:30 p.m. on the expiration date
Contract Symbol Call option: BC-Contract Month-C-Strike Price
Put option: BC-Contract Month-P-Strike Price
Listing Exchange Shanghai International Energy Exchange (INE)
   
     
 

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