BEIJING (Reuters) - China's commodity exchanges have hiked fees, margin requirements and cut position limits to crack down on speculative trading that Beijing suspects is behind a recent surge in everything from coal to rubber futures.
The following are actions taken in the months since July:
DALIAN COMMODITY EXCHANGE:
COKE AND COKING COAL:
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* Trading margins for coke and coking coal futures increased three times in less than a week.
* The most recent increase to 15 percent was effective from Nov. 11, up from 13 percent on Nov. 10 and 11 percent on Nov. 8.
* Non-intraday transaction fees raised to 0.012 percent of the transaction's value from Nov. 9.
* Trading limits set at 9 percent for both products from Nov. 8.
* Buying limits of single coke and coking contract for non-futures company members set at 1,000 lots, respectively, at most in one trading day since night trading from Nov. 11.
IRON ORE:
* Non-intraday transaction fee for iron ore doubled to 0.012 percent of the overall trading value from Nov. 11.
* Trading limit adjusted to 8 percent and margins to 10 percent on Nov. 28.
OTHERS:
* In August, trading margin for polypropylene adjusted to 10 percent.
SHANGHAI FUTURES EXCHANGE:
STEEL REBAR:
* Transaction fees have increased three times since early November.
* Intra-day transaction fees for rebar were raised to 0.02 percent from 0.01 percent of the overall trading value from Nov. 9.
* Transaction fees for January and May rebar contracts and adjusted to 0.04 percent from Nov. 11 and increased again from Nov. 15 to 0.05 percent.
* Trading margins and trading limits raised to 9 percent and 7 percent respectively effective from Nov. 24.
* Buying limits for non-futures-company members were set at 10,000 lots from Nov. 11 and cut again for January and May rebar futures cut by 2,000 lots to 8,000 lots effective from Nov. 29..
* Intraday transaction fees for hot-rolled coil contract hiked to 0.03 percent from 0.01 percent of the overall trading value from Dec. 13.
* Position limit of hot-rolled coil contract for non-futures-company members set at 2000 lots from Dec. 12.
RUBBER:
* Intraday transaction fees increased to 0.01 percent from 0.0045 percent of the overall trading value from Nov. 9.
* Transaction fees for January and May 2017 contracts and adjusted to 0.0225 percent of the overall trading value, and buying limits for non-futures company members set at 1,500 lots, respectively, from Nov. 11.
* Trading margins and trading limits raised to 9 percent and 7 percent respectively, effective from Nov. 24.
BASE METALS AND BITUMEN:
* Transaction fees for tin contracts for delivery in January 2017 adjusted to 6 yuan per lot from Nov. 11.
* Intra-day transaction fees for futures contracts in copper, zinc, nickel and bitumen and doubled, effective from Nov. 15.
* Trading margins and trading limits for copper, aluminium, zinc, lead, nickel, tin and bitumen raised to 9 percent and 7 percent effective from Nov. 24.
* Intraday position limits of zinc contracts and for non-futures company members to set at 1,500 lots from Dec.1.session, including night trading that starts on Wednesday evening.
* Intraday position limits of lead contracts and for non-futures company members to set at 1,000 lots from Dec.1.session, including night trading that starts on Wednesday evening.
ZHENGZHOU COMMODITY EXCHANGE:
THERMAL COAL:
* Trading margin for contracts for delivery in Sept. 2016 adjusted to 15 percent from 10 percent, from Aug. 17.
* Resumed intraday transaction fees from Sept. 28.
* Since Oct. 24, exchange has hiked intraday transaction fees four times. The latest increase, effective on Nov. 8, took fees to 30 yuan per lot, up from as low as 4 yuan on Oct. 24.
* Extra 30 yuan per lot fee added to transactions that exceed 8,000 lots on a single thermal coal contract and those intra-day settlements exceeding 2,000 lots from Nov. 8.
* Trading margins and trading limits set at 8 percent and 6 percent respectively from Nov. 11.
GLASS:
* Resumed intraday transaction fees from Sept. 28.
* Intraday fees on glass futures have quadrupled since Oct. 26 in three consecutive hikes. The latest increase came into effect on Nov. 11, taking fees to 24 yuan per lot.
* Trading margin and trading limits adjusted to 7 percent and 5 percent, respectively, from Nov. 11.
OTHER COMMODITIES
* Transaction fee for canola adjusted to 3 yuan from 1.5 yuan per lot from July 14.
* Trading margin for silico-manganese adjusted to 7 percent from 5 percent, and trading limits adjusted to 6 percent from 4 percent from Aug. 3.
* Intra-day transaction fee for methanol adjusted to 6 yuan per lot and non-intraday transaction fee adjusted to 2 yuan per lot from Nov. 8.
* Trading margin and trading limit for ferro-silicon adjusted to 7 percent and 5 percent, respectively, from Nov. 11.
* Intra-day transaction fee for rapeseed meal adjusted to 6 yuan per lot from night trading on Nov. 11.
* Adjusted trading margins and limits for rapeseed oil, rapeseed and white sugar futures from Nov. 30.
(Reporting by Muyu Xu and Beijing newsroom)
Disclaimer: No Business Standard Journalist was involved in creation of this content
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