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 duty) Minimum price 10 yuan per tonne fluctuation 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. bit.ly/2IeMlWa) 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)
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