FACTBOX-Details of China's new international copper contract

    Nov 17 (Reuters) - China will launch a long awaited copper
futures contract open to international participants on Thursday, as
it seeks to win more clout in pricing of the industrial metal, of
which it is the biggest consumer globally.
    The table below shows the main trading parameters of the new
contract, as stated by its host bourse, the Shanghai International
Energy Exchange (INE).
 Product              Copper cathode
 Contract size        5 tonnes per lot
 Price quotation      Yuan per tonne (exclusive of tax and customs
 Minimum price        10 yuan per tonne
 Daily price limit    ±6% (twice that on first day of trade)
 Trading margin       8% of contract value
                      INE accepts U.S. dollar as foreign currency
                      collateral with a 5% haircut
 Listing contracts    March 2021-November 2021
 Daytime trading      9:00–10:15 a.m China time (0100-02:15 GMT)
 hours (Mon-Fri)      10:30-11:30 am China time (0230-0330 GMT)
                      1:30–3:00 p.m China time (0530-0700 GMT)
 Night-time trading   9:00 pm-1:00 am China time
 hours (Mon-Fri)      (1300-1700 GMT)
 Last trading day     15th day of delivery month (postponed if
                      weekend or national holiday)
 Transaction fee      0.001% of the turnover (waived for closing
                      out the position opened on the same day)
 Settlement type      Physical delivery
 Delivery unit        25 tonnes
 Delivery period      Five consecutive trading days after last
                      trading day
 Delivery fee         2 yuan per tonne (waived until Jan. 8, 2021)
 Grades and quality   53 copper cathode brands meeting Grade A
 specifications       copper standards (Cu-CATH-1) under GB/T
                      467-2010 or Cu-CATH-1 under BS EN 1978:1998.
 Delivery point       Five bonded warehouses in Shanghai have been
                      designated by the INE so far.             
 Storage fee          0.5 yuan ($0.08) per tonne per day indoor,
                      0.4 yuan/tonne per day outdoor
 Product symbol       BC
 ($1 = 6.6243 Chinese yuan)

 (Reporting by Tom Daly; Editing by Sam Holmes)