Underlying Asset

Offset Paper Futures (OP) contract (40 metric tons)

Contract Type

Call option and put option

Contract Size

1 OP contract

Price Quotation

RMB yuan/metric ton

Minimum Price Fluctuation

1 yuan/metric 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 SHFE, 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 SHFE

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 SHFE 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 50 yuan/metric ton if strike price ≤ 5,000 yuan/metric ton; 100 yuan/metric ton if 5,000 yuan/metric ton < strike price ≤ 10,000 yuan/metric ton; 200 yuan/metric ton if strike price > 10,000 yuan/metric ton

Option Style

American. 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

Calls: OP-Contract Month-C-Strike Price

Puts: OP-Contract Month-P-Strike Price

Listing Exchange

Shanghai Futures Exchange (SHFE)