On July 7, Dalian Commodity Exchange conducted test of the coking coal futures trading in a full scope. During the day, the testing trading volume of coking coal futures was 2,236,000 lots, and the total positions were 293,000 lots. Related responsible person with DCE said that the testing process and the result were both satisfactory, the trading and clearing were both normal, and in the near future, the second full-scope testing will be conducted.
According to reports, the listed coking coal contracts on that day for test trading were 8 in total. The contract specification was 30 tons per lot. The benchmark price of the listed contract was CNY 1,600 per ton. The lowest trading margin was 5% of the contract value. The biggest volume for each contract trading order was 2,000 lots. And the limit price range of the contract was 8% of the listed benchmark price.
During the day, there were 166 member units participating in the test trading, and 527 log-in seats. Participants in the test trading included the member unit representatives, related people of the remote trading system and the clearing system, and the information providers of the market situation etc. Member units were required to complete the testing work of the various functions such as logging-in, position-opening, position-liquidating, order-placing feedback speed, transaction report feedback speed, real-time situation, prepared order entrust, funds change etc. The market information transfer providers were required to complete the testing work like market situation reception and transfer etc.
Market insiders said that the smooth implementation of the simulated testing of the coking coal futures trading on DCE this time not only tested the trading technical system, but also was a market mobilization for the listing of the coking coal, indicating that the listing of the coking coal futures on the DCE is approaching.
According to reports, as of June, DCE started the promotion of the training on coking coal futures, and organized “trainings for coke and coking coal futures analysts” in Guangzhou, Shenzhen, Beijing and Dalian, promoting the analysts and business operators of the member units to better understand related rules of the coking coal futures, grasp relevant situation of the actuals industry and market situation of the coking coal, and increase the industrial service capacity. Recently, DCE also conducted cooperation with industrial associations and local leading enterprises, organized various salons and seminars, and carried out intensive investigations and market promotions in the major coke and coking coal production regions and trade port regions like Shanxi, Hebei, Inner Mongolia and Tianjin etc.
Market insiders said that as another energy futures variety after the coke, the launch of the coking coal will further enhance the service of the futures market for the coal industry, deepen the marketization of the coking coal, promote the marketization of the steam coal, produce important impact on the stabilization and reasonable change to the coal price, bring further improvement to the risk-avoiding system of the “coal-coke-steel” industrial chain, and at the same time, further promote the building of the comprehensive futures market of DCE.