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��ࡱ�>�� ��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� �r���bjbj����;�����n� �������$$mmmmm�������8�dt�if�q��������d�d�d�d�d�d�d$�h�{kz�damtk��tktk�dmm��4fxxxtk�m�m��dxtk�dxxrbtc������6�)���js�tb�df0ifbb��k�s6�kc�kmc��:�-� x�8��a� ����d�dx���iftktktktk���������������������������������������������������������������������k���������$ 3:  aluminum trade operations manual (2008 edition) contents product overview 1. natural properties of aluminum 2. classification of aluminum and aluminum products 3. main applications of aluminum market distribution and characteristics i. supply and demand (1) international market (2) domestic market ii. factors affecting aluminum price changes iii. aluminum futures trading shfe aluminum futures contract and relevant regulations i. aluminum futures contract 1. contract text 2. contract appendixes ii. shfe detailed business rules and relevant regulations 1. trading 2. settlement 3. delivery 4. exchange of futures for physicals 5. warrant market product overview 1. natural properties of aluminum * aluminum is a light metal, and its compounds are very widespread in nature. the aluminum resource in the earth's crust is only next to oxygen and silicon, occupying the third place. among all the metal species, it is the second largest category of metal, only next to iron and steel. * aluminum has special chemical and physical characteristics. it has not only a light weight and hard texture, but also good ductility, electrical conductivity, thermal conductivity, heat resistance and resistance to nuclear radiation, being an important basic raw material for national economic development. * aluminum has a gravity of 2.7, and a density of 2.72g/cm3, which is about 1/3 of a general metal. * aluminum has a good plasticity and ductility, which means it is suitable for a variety of hot and cold pressure processing. it can be made into aluminum foils only 0.006 mm thick, and can also be made into fine wires through cold drawing. by adding other elements, it can also be made into aluminum alloys with hardness and intensity which can even exceed structural steel, while still maintaining the advantage of light weight. 2. classification of aluminum and aluminum products * electrolytic aluminum production process: bauxite �!alumina �! electrolytic aluminum. * in accordance with the main ingredient contents of aluminum ingots, aluminum products can be divided into three categories: high-level pure aluminum (with aluminum content of 99.93% -99.999%), industrial high-level pure aluminum (with aluminum content of 99.85% -99.90%), and industrial pure aluminum (with aluminum content 98.0 % -99.7%). * in accordance with the types of aluminum ingot market products, aluminum products can be divided into three categories: one is processed materials such as sheets, strips, foils, tubes, rods, forgings, powder, etc.; one is cast aluminum alloys, wire rod, poles, cables, etc.; and one is the various types of aluminum products for use in daily life. 3. main applications of aluminum over the past 50 years, aluminum has become one of the world's most widely used metals. especially in the three major industries of construction, transportation and packaging, the aluminum consumption accounted for generally about 60% of total aluminum consumption in the year. because of the stability in the air and excellent appearance of anodized aluminum, aluminum is increasingly widely used in construction industry, especially in aluminum doors and windows, aluminum pipes, decorative plates, aluminum curtain walls and other aspects. in transportation and shipping sector, to reduce the weights of transportation vehicles and the environmental pollution of exhaust emissions, motorcycles, all kinds of motor vehicles, trains, tube trains, airplanes, ships and other transport facilities began to widely use aluminum and aluminum alloys as components and decorative pieces. with the constant increase in the hardness and intensity of aluminum alloy materials, the proportion of aluminum alloys use in aerospace field began increasing every year. in packaging industry, all kinds of flexible-packaging aluminum foils, aluminum cans, various caps and eoes, pharmaceutical packaging and other packaging materials also increasingly widely use aluminum. in other consumption areas, the usage and prospect of aluminum in electrical and electronic products, household appliances (refrigerators and air conditioners), daily hardware and other aspects are becoming broader and broader. market distribution and characteristics `!. supply and demand (1) international market * bauxite resources the countries with proven bauxite reserves over 1 billion tons include guinea, australia, brazil, china, jamaica and india. the total bauxite reserves of these countries accounted for 73% of the global bauxite. among them, the bauxite in australia, south america, africa and other regions enjoy a good quality, large reserves, and low cost in exploitation. * alumina production and trade alumina is a major raw material of electrolytic aluminum. most of its production geographical locations are close to the areas with bauxite resources. the regions with rich bauxite resources include oceania and latin america. since the dependence of electrolytic aluminum production on alumina raw material is very high, most of the world's alumina (about 80% to 90%) is sold through long-term contracts. there is rarely alumina available in spot market. * production of aluminum ingots the real beginning of the global aluminum industrial production was in 1886, and global aluminum yield began to exceed copper and then jumped to the first place of non-ferrous metals in 1956, becoming the second largest metal next only to iron (steel). in recent years, the rise in the technology and equipment levels of global aluminum industry, especially the rapid development of china's aluminum industry, has driven the rapid growth in global aluminum production. by the end of 2007, global primary aluminum output reached 38.15 million tons. aluminum production is mainly concentrated in china, the united states, russia, canada, australia and other countries. * aluminum ingot consumption with the yearly increase in electrolytic aluminum yield and the decrease in production costs, aluminum and aluminum alloys are widely used in various fields, driving the rapid growth of aluminum consumption. in 2007, global aluminum ingot consumption was 37.81 million tons. outputs of major primary aluminum producing regions and countries in 2007 unit: 10k tons country china united states western europe cis latin america australia output 1261 255 464 455 254 230  aluminum consumptions of major consuming regions and countries in 2007 unit: 10k tons country china united states western europe japan latin america middle east other asian countries consumption 1205 574 724 241 133 133 388  global aluminum supply-demand balance (2000-2007) unit: 10k tons year 2000 2001 2002 2003 2004 2005 2006 2007 output 2444.7 2447.7 2609.0 2798.4 2986 3192.6 3397 3815 demand 2477.7 2397.2 2531.1 2716.8 3038 3209.2 3433 3781 balance -33 -50.5 77.9 81.6 -52 -16.6 -36 34  source: iai, cru, national bureau of statistics (2) domestic market * aluminum resources china is one of the major countries with bauxite reserves, among which 97% of the bauxite is located in seven provinces, i.e., shanxi, henan, guizhou, guangxi, sichuan, shandong and yunnan, characterized by a low alumina-silica ratio and a complex production process. with little strip mines, the mining costs are relatively high. * alumina production china's alumina production increased from less than 1 million tons in the 1990s to the 19.18 million tons in 2007, thus becoming the country enjoying the world's fastest growth in alumina production. china's alumina production capacity increased significantly, resulting in the obvious falling of global alumina price which had consecutively risen for many years, significantly reducing the cost of domestic electrolytic aluminum production enterprises. * production of aluminum ingots china's aluminum industry was begun in the 1950s. after 50 years of development, especially the rapid development since 1992, it has become a focus of global aluminum industry. from 2001 onwards, china's electrolytic aluminum production has ranked first in the world. from 2002 to 2007, each annual growth in output exceeded one million tons, consolidating the place of world first. * aluminum consumption china's sustained and rapid economic development drives the high growth rate of the industries related to aluminum consumption. especially in the three major sectors of construction, electrical and packaging, aluminum has gradually become a main consumer object. with the consumption increasing from 0.83 million tons in 1990 to 12.05 million tons in 2007, china has become the world's largest consumer of aluminum. for the consumer regions, south china and east china are the major regions of domestic aluminum consumption, and some major provinces of electrolytic aluminum production are becoming the new aluminum consuming regions. basic structure of china's primary aluminum consumption industry construction electrical packaging durablesmachinery communication others(%)32 23 11 10 9 8 7  china's aluminum supply-demand situation (2000-2007) unit: 10k tons year outputs of primary aluminum imports of aluminum and aluminum alloys consumptions of primary aluminum exports of aluminum and aluminum alloys 2000 281.9 93.1 353.2 20.9 2001 341.9 52.9 412 40.8 2002 432 58.1 425 78.0 2003 542 88.1 502 124.9 2004 667 103.3 601.4 168.4 2005 784 63.7 715 132.4 2006 940 51.18 867 118.27 2007 1261 69 1205 185.31 source: national bureau of statistics, china customs, china nonferrous metals association outputs of china's major electrolytic aluminum enterprises in 2007 factory aluminum ingots output (10k tons) aluminum corporation of china 348.86 qingtongxia aluminum group co., ltd. 57.47 yugang longquan aluminum company 54.51 shandong xinfa aluminum & power group 47.46 chalco guizhou branch43.74 yunnan aluminum co., ltd. 40.09 henan wanji aluminum corporation 40.06 chalco qinghai branch 39.51 henan shenhuo (group) co., ltd. 37.13 cpi huolinhe coal-power group co., ltd. 36.46  a!. factors affecting aluminum price changes * supply-demand relationship as supply-demand relationship directly affects the market pricing of goods, when the market supply-demand relationship is in a temporary balance, the commodity market price will fluctuate in a narrow range; when the supply-demand relationship is in an imbalance, the price will fluctuate wildly. in the futures market, investors may pay attention to inventory, an indicator reflecting the changes in supply-demand relationship of aluminum. inventory is divided into reporting inventory and non-reporting inventory. the former is also known as "dominant inventory", which refers to the stock quantity of the aluminum in the certified delivery warehouses regularly published by the futures exchange. non-reporting inventory mainly refers to the amount of aluminum held by the manufacturers, traders and consumers across the globe. because there is not specialized agencies to count and release these stocks, these stocks are also known as "shadow inventory". * alumina supply alumina is the main raw material for aluminum production. as the international aluminum market is highly concentrated, and most of the alumina (80%~90%) are sold through long-term contracts, little alumina is available for spot-market trade. * electricity price aluminum industry is also known as an "electric tiger" industry. the current average power consumption per ton of aluminum of aluminum manufacturers at home and abroad are controlled at 15,000 kwh/t or less. in recent years, china's aluminum ingot production enterprises have lowered the integrated ac power consumption to 14,000kwh/t or so. as china is an energy-deficit country, the enterprises experienced several times of electricity price increases in recent years. in addition, the national development and reform commission has recently canceled the preferential electricity price for aluminum enterprises. so, the average electricity price for the enterprises will reach around rmb0.4/kwh. therefore, the power factor restricts the development of china's electrolytic aluminum industry. * economic situation currently, aluminum is a kind of non-ferrous metal with very wide application range, especially in the developed countries or regions, where aluminum consumption has been highly correlated with economic development. when a country or region enters a stage of rapid economic development, the aluminum consumption will experience a simultaneous growth. similarly, an economic recession will lead to a decrease in aluminum consumption in some industries, resulting in the fluctuations in the price of aluminum. in addition, the price fluctuations in some metals related to aluminum, fluctuations in international oil prices, and the changes in national industrial policies will also have an impact on the price of aluminum. * import and export duties, international exchange rates internationally, trade of aluminum is generally priced and settled in u.s. dollar. in recent years, the impact of u.s. dollar trend on the price of aluminum is obvious. the impact of import and export duties on aluminum price is particularly prominent in china. china is a major importer of alumina, and in order to protect the domestic alumina industry, it implemented an import tariff of 18% before joining the wto. according to the wto agreement, china shall adjust the alumina tariff to 12% by 2002, to 10% by 2003, and to 8% by 2004. aluminum export used to be able to enjoy an export tax rebate of 15%, but from november 2006 onwards, not only the rebate was cancelled, but also a tariff of 15% was imposed. obviously, the changes in tariffs and international exchange rates affect the market price of aluminum. * changes in the application scope of aluminum the changes in use scope and amount of aluminum ingots in automobile manufacturing, construction, wires and cables and other major industries will have a significant impact on the price of aluminum. b!. aluminum futures trading 1. aluminum has the following characteristics suitable for the carrying out of futures trading: stable quality, being easy to store and not perishable; standardized specifications, and clear quality standards; large market capacity, broad range of applications (with a number of production companies, distribution companies and consumers); large and frequent fluctuations in market prices, no monopoly. 2. since the london metal exchange (lme) first launched aluminum futures contracts in 1987, aluminum futures trading has been recognized as a mature commodity futures product and an indispensable investment tool for international nonferrous metal industry to avoid risks and discover prices. although aluminum futures contracts trading is exactly one hundred years later than that of copper, yet in recent years aluminum futures trading was very active. with the trading volume increasing steadily, it has become a futures contract with the largest trading volume on lme. its price has become a main base guiding the price trend in global aluminum spot market. at present, in the international markets, except the lme, the new york mercantile exchange, the tokyo commodity exchange and shanghai futures exchange (shfe) are all involved in aluminum futures trading. 3. currently, the shfe is the only exchange listing aluminum futures contract in china. with the constant expansion of trade scale, the market participation scope and amount are also growing. now, aluminum futures are becoming an ideal investment instrument for market investors as well as a hedging tool for aluminum businesses to find prices and avoid risks. shfe aluminum futures contract and relevant regulations i. aluminum futures contract 1. contract text productaluminumtrading unit5 mt/contractprice quotecny/mttick size5 cny/mtdaily price limitno more than 3% of last settlement pricecontract monthsmonthly contracts (12 contracts per year)trading hours9:00 - 11:30 am, 1:30 - 3:00 pm beijing timelast trading day15th day of the delivery month (postponed in the event of statutory holidays)delivery days5 consecutive trading days after the last trading day (postponed in the event of statutory holidays)deliverable gradesstandard product: aluminum ingots with no less than 99.70% aluminum content as stipulated in gb/t1196-2002 standards. substitute product: lme registered aluminum ingots in line with p1020a standards.delivery locationthe warehouses certified by the exchangeminimum trading margin5% of the contract valuetrading feeno higher than 0.02% of the amount of transactions (provisions of risk included)minimum delivery unit 25 mtdelivery formphysical deliveryticker symbolalexchangeshfe note: as stipulated in shang qi jiao fa zi (2006) no. 28 document, from april 18, 2006 onwards, the daily price limit for aluminum futures contract will be adjusted to no more than 4% of last settlement price. in addition, as stipulated in shang qi jiao fa zi (2007) no. 85 document, the tick size of 5 cny/mt will be implemented starting from the al0805 contract. 2. contract appendixes appendix 1: shfe registered trademarks and packaging standards of aluminum no.manufacturerregistration datetrademarkdeliverable gradedimension(mm)weight /piece (kg)piece /bundle1lanzhou liancheng aluminum co., ltd.november 5, 1993sanlestandard805*185*8520542aluminum corporation of china limitednovember 5, 1993haihustandard805*184*8520543fushun aluminum plantnovember 5, 1993yinjianstandard805*184*85 660*172*9020 1554 444baiyin non-ferrous metals companynovember 5, 1993honglustandard805*184*8520545lanzhou aluminum co., ltd.november 5, 1993ll ll2standard805*184*85 795*165*8520 546baotou aluminum co., ltd.november 5, 1993baolu btlstandard805*184*85 660*172*9020 1554 437shandong aluminum industry co., ltd.november 5, 1993shanlustandard740*180*8820598qingtongxia aluminum holding co., ltd.november 5, 1993qtx,qxstandard820*190*8520549hubei danjiang aluminum co., ltd.november 1, 1994danjiangstandard805*184*85205410tongchuang xinguang aluminum co., ltd.november 1, 1994yuhuastandard805*184*85205411aluminum corporation of china limitednovember 1, 1994xueshanstandard805*185*85205412gansu wanxuan aluminum development co., ltd.december 1, 1994ganlustandard805*184*85205413zhejiang huadong aluminum industry co., ltd.february 1, 1995lanjiangstandard805*184*85205414sanmenxia tianyuan aluminum co., ltd.april 1, 1995sanmenshuistandard650*176*85 805*184*8515 2049 5415jiaozuo wanfang aluminum manufacturing co., ltd.january 1, 1996wf wanfastandard805*184*85205416henan shenhuo aluminum & electricity co., ltd.january 1, 1996rugustandard740*180*88205417aluminum corporation of china limitedjanuary 1, 1997youjiangstandard740*180*88205418aluminum corporation of china limitedjune 1, 1997huaguangstandard740*180*88205419gusu huaxing aluminum co., ltd.october 16, 1997ybestdstandard805*184*85205420shanxi guanlu co., ltd.november 1, 1999guanstandard805*184*85205421yunnan aluminum co., ltd.november 1, 1999yunhaistandard805*180*90 660*172*8520 1554 4422zunyi aluminum co., ltd.july 26, 2000qianxingstandard805*184*85205423henan wanji aluminum co., ltd.july 26, 2000wanjistandard805*184*85205424zhengzhou longxiang aluminum co., ltd.july 14, 2003zz, lxstandard805*184*85205425mianchi aluminum factory of henan huanghe aluminum & electricity groupjuly 14, 2003tiantanstandard805*184*85205426sichuan guangyuan aostar aluminum co., ltd.may 27, 2005aostarstandard805*184*85205427shanxi yangquan aluminum co., ltd.may 25, 2005baiyangstandard805*184*85205428hunan chuangyuan aluminum co., ltd.may 25, 2005cylstandard790*180*90205429sichuan aostar aluminum co., ltd.september 19, 2005aacstandard815*170*65 205430alcan ningxia aluminum co., ltd.september 19, 2005alcanstandard805*184*85 205431henan yugang longquan aluminum co., ltd.september 19, 2005yugang longquanstandard795*180*85 205432shanxi zhaofeng aluminum co., ltd.december 2, 2006zfstandard760*180*90205433sichuan qiya aluminum industry group co., ltd.september 25, 2007wqmistandard730*180*902054 appendix 2: list of deliverable lme- registered aluminum countrybrandcountrybrandcountrybrandargentinaaluargermanyaesouth africabaysideaustraliaalcoa of australiahawspain alcoavawinespal avbslghanavau.k.aamvalcocomalcogreeceadgportlandhungaryhungalualcantomagoicelandisalbacobahrainalbaindiabalcousaalcanbrazilalbrasindalalcoaalcan brasilhindalcocfacalcoa brasilnalcoeastalcocbaindonesiainalintalcosao luis(alcoa)iraniralcogachollanddelfzijlsao luis (billiton)pnlnew zealandnzasmt hollyvalesulnorwayhydro (ardal)nsacameroonalucamhydro (karmoy)nwacanadaabihydro (hoyanger)noranda aluminium incalcanormetalouettehydro (sunndalsora)reynoldslauralcovanalcosoeralvenezuelaalcasachinaalpolandwr36venalumflromaniaiasyugoslaviakapg*lrussiacaa3-pegyptegyptalumlllllha3slovakiaslovalcoqhasqtxhka3smlkazsualylyliddubaidubalkpa3note: the discount for aluminum ingots produced in russia is rmb150/ton. appendix 3: shfe certified delivery warehouses no.warehouse nameoffice addressstorage sitebusiness telephonecontact1shanghai guochu tianwei warehouse co., ltd.room 2205, futures building, 300 songlin road, shanghai3965 jiaotong road, shanghai 86-21-68402666 fax: 86-21-68401286lu li; tang jiming2cmst development co., ltd.shunyi road, beichen districst, tianjin495 tieshan road, baoshan district, shanghai 86-21-56123941 fax: 86-21-56123941ding simin257 and 310 nanda road, baoshan district, shanghai 86-21-62500165 fax: 86-21-62500166hou chunli; jin zhenjia3no.830 department of guangdong material reserve administration28 huanghua road, guangzhou, guangdong provincewestern side of sanyanqiao goods yard, yanbu town, nanhai district, foshan, guangdong province 86-757-85760802 fax: 86-757-85760803yu jiaxi; wu genming4china nonferrous metals shenzhen warehousing and transportation co.eastern side of sanyanqiao goods yard, yanbu town, nanhai, guangdong provinceeastern side of sanyanqiao goods yard, yanbu town, nanhai district, foshan, guangdong province 86-757-85756502 fax: 86-757-85787078liu xi�an5china nonferrous metals guangzhou supply, marketing and transportation co.4/f, new comprehensive building, 48 zhongshan no.2 road, guangzhou, guangdong provincehubang section, east sanhe road, western side of sanyanqiao goods yard, yanbu town, nanhai, guangdong province 86-757-85785606 fax: 86-757-85785806ma jianjun; xue yanfang6guangdong nanchu repository management co., ltd.46 foluo road, chancheng district, foshan, guangdong province46 foluo road, chancheng district, foshan, guangdong province 86-757-88015018 fax: 86-757-88015022li junbin; yu chaorong7shanghai qisheng storage & transportation management co., ltd.2280 jianchuan road, minhang district, shanghai2280 jianchuan road, minhang district, shanghai; 376 xichou road, minhang district, shanghai 86-21-64305295 fax: 86-21-64629397zhou haimin; gong rongde8shanghai jinghong industrial co., ltd.68 hedan road, waigaoqiao free trade zone, shanghai68 hedan road, waigaoqiao free trade zone, shanghai 86-21-50640027 fax: 86-21-58668857cao zhilin9wuxi zhongchu logistics co., ltd.183 xihu road, wuxi, jiangsu province183 xihu road, wuxi, jiangsu province 86-510-82407262 fax: 86-510-82401755hu jian10zhejiang kangyun storage co., ltd.98 gongkang road, hangzhou, zhejiang province (in kangqiao goods yard at railway station)98 gongkang road, hangzhou, zhejiang province (in the kangqiao goods yard at railway station) 86-571-56725585, 86-571-56725565 fax: 86-571-88026467huang libing ii. shfe detailed business rules and relevant regulations 1. trading (1) position limit position limit refers to the exchange-set limit on the maximum quantities of speculative positions of a certain contract held by a member or a client unilaterally. the detailed proportions and amounts of position limits on brokerage members, proprietary members and clients at different phases of the aluminum futures contract are as follows: table 1: from the day of listing to the last trading day of the second month before the delivery monththe first month before the delivery monththe delivery monthopen interest of a certain futures contractproportion limit (%)brokerage membersproprietary membersinvestorsbrokerage membersproprietary membersinvestorsbrokerage membersproprietary membersinvestorsaluminume"120,000 contracts1510510,0001,5001,0003,000500300 note: 1) the above new standards for position limits will be implemented starting from the al0709 contract. 2) the open interest of a certain futures contract in the table is calculated bilaterally, while the position limits on brokerage members, proprietary members and clients are calculated unilaterally. the position limits on brokerage members are set as the base, which can be adjusted by the exchange according to the registered capital and business condition of the brokerage members. (2) hedging business to apply for hedging business, an application (evaluation) form of hedging of shanghai futures exchange, which is uniformly formulated by the exchange, should be filled out and submitted together with the relevant evidence documents that are in accordance with the trading products, trading directions, trading quantities, and the hedging time. the application for hedging should be submitted no later than the 20th day of the first month before the delivery month of the hedging contract. otherwise, the exchange will not accept any hedging application for the delivery month�s contract. the exchange will send out a written reply within 5 business days upon receiving the hedging application. traders approved for hedging business should open positions within the time limit set by the exchange (no later than the last trading day of the first month before the delivery month of the hedging contract), and in accordance with the approved trading direction and limit. the hedging limit cannot be used repetitively from the first trading day of the first month before the delivery month. the hedging positions and physical delivery volumes are calculated separately by the exchange, and in normal situations no position limit is imposed. 2. settlement settlement refers to the business activities of calculating and transferring members� margins, profits and losses, transaction fees, delivery payments and other funds, conducted by the exchange, and subject to the results of transactions and the relevant rules and regulations of the exchange. (1) daily settlement the exchange opens a designated settlement account in each settlement bank for the deposit of members� margins and relevant funds. members should open a designated capital account in settlement banks for the deposit of margins and related funds. the exchange manages the margins deposited in the designated capital accounts of the exchange by the members separately. the exchange adopts a mark to market system. that is, at the end of a trading day, the exchange clears the profits and losses, margins, transaction fees, taxes and other funds on the basis of the daily settlement price; and transfers the receivables and payables in net amounts and accordingly increases or decreases the settlement reserves of the members. additional margin: at the end of each trading day, after the daily settlement, if the settlement reserve of a member is below the minimum level, it should be supplemented before 8:30 of the next trading day. if the margin is not supplemented in due time, and if the settlement reserve is above zero and below the specific minimum, no new position is allowed to open; if the settlement reserve is less than zero, the exchange will close out the member�s position by force in accordance with relevant regulations. (2) trading margin trading margin refers to the capital deposited in the exchange�s account by a member to ensure the performance of the contracts. it is the margin occupied by the contracts. 1) the exchange sets up different levels of margins according to different phases of a futures contract (from the listing day to the last trading day) and the quantities of positions. the specific levels of margins for aluminum contract are as follows: table 2: margins of aluminum futures contracts with different sizes of positions from the first trading day of the third month before the delivery month, if the total positions (x) reach the following amount:levels of marginsxd"120,0005%120,000�xd"140,0006.5%140,000�xd"160,0008%x�160,00010% in the trading of the day, when the open interest of a certain futures contract reach the interface of two levels, the level of margin remains unchanged. in the settlement of the day, when the open interest of a certain futures contract reach a certain level, the exchange will adjust the margin level according to the total positions. if the margin is not sufficient, it should be supplemented before the opening of the next trading day. the exchange adjusts the levels of trading margins at different phases of a futures contract (near delivery period). table 3: margins of aluminum futures contracts in different phases trading datelevels of marginsfrom the listing day5%from the 10th trading day of the 2nd month before the delivery month7%from the 1st trading day of the 1st month before the delivery month10%from the 10th trading day of the 1st month before the delivery month15%from the 1st trading day of the delivery month20% 2) when an aluminum futures contract touches the price limit at closing, the level of margin should be raised at the daily settlement. the specific rules are as follows: when the situation of one-sided market occurs on the first trading day (d1), and when a contract reaches the price limit at settlement, its margin rate should be raised to about 7% of the value of the contract. if the original margin rate is above 7%, it remains unchanged. if one-sided market in the same direction occurs on the second day (d2), and the contract touches the price limit again, the margin rate should be raised to 9% of the contract value at settlement. if the original margin rate is above 9%, it remains unchanged. the margins that brokerage members charge their clients should not be lower than the trading margins that the exchange charges the members. (3) documents of title upon approval by the exchange, members can use their documents of title as margin, but losses, fees, taxes and other payments should be settled by currency funds. 1) documents of title stipulated in the exchange�s detailed settlement rules �% standard warehouse warrants registered at the exchange, and other documents of title determined by the exchange. 2) value calculation of documents of title �% in case of a standard warehouse warrant as margin, its market value will be calculated based on the settlement price on the very day of the futures contract with the nearest delivery month of the product. the amount as margin shall not exceed 80% of the market value of the standard warrant. �% benchmark prices for other documents of title as margins are subject to approval of the exchange. �% benchmark prices for documents of title will be re-determined by the exchange for daily settlement according to the above-mentioned calculation method, with the discounted amount also adjusted. for details, please refer to chapter vi �certificate� of shfe detailed settlement rules". 3. delivery holders of open contracts shall perform physical delivery after the last trading day of the contracts. (1) delivery unit: 25 tons. the weight of aluminum ingots underlying a standard warrant is 25 tons. the difference in scale weighing shall be �0.1% for domestic products, and �0.2% for imported products. (2) delivery settlement price: the settlement price on the last trading day (3) certificates required for the deliverable commodity domestic product: product quality proof issued by the registered producer imported product: product quality proof, origin of production proof, commercial inspection proof, customs import duty completion proof and customs pre-collection vat proof. these certificates are not valid unless they are acknowledged by the exchange. (4) delivery workflow the exchange adopts a 5-day delivery system as follows: 1) on the 1st delivery day the buyer calls for delivery. the buyer, on the 1st delivery day, submits to the exchange a letter of intent for desired commodities, which includes product, trademarks, quantity and name of the certified delivery warehouse etc. the seller submits a standard warrant. the seller, on the 1st delivery day, transfers to the exchange a valid standard warrant of which the storage fees have been cleared. 2) on the 2nd delivery day the exchange allocates the standard warrants. the exchange allocates the standard warrants to the buyer according to the principle of �time priority, rounding of quantity, matching in the vicinity, and resource availability�. (3) on the 3rd delivery day the buyer pays for the delivery and collects warrants. the buyer shall pay for the delivery by 14:00 to the exchange and obtains the standard warrants. the seller collects the payment. the exchange shall extend the payment by 16:00 to the seller. (4) on the 4th and 5th delivery days the seller submits vat invoice. (5) fee standards for delivery warehouses table 4: pricemain operationswarehousing rentwarehousecny0.40/mt/daycalculated from the day when the commodities are delivered to the warehouse on a daily basisfreight yardcny0.25/mt/daywarehouse-in chargespecial linecny24/mtunloading to cargo space, including marking and tallying, surface inspection, number and weight�check, document inspection, lifting and palletizing, measuring, establishment of account card, issuance of warrant, etc.self deliverycny15/mtwarehouse-out chargespecial linecny24/mtverification and delivery, loading, issuance of out permit, packing list and warranty book accompanied with the goods, warehouse internal write-off, etc.self pick-upcny10/mttransfer feecny3/mtreplacing warrant username, recovering original warrant, issuing new warrant, adjusting warehouse accountssorting feecny5/mtbulk bundling, mixed loading, sorting, palletizing agency wagon applicationcny5/mtimplementing wagon planagency ladingcny2/mtgoods receiving, lading, handover (excluding transportation cost)expedited feecny3/mtfor the amount of work that can not be completed during normal operation, additional fee will occur for expedited processing according to client�s request.packing chargecny35/mt 4. exchange of futures for physicals (1) an exchange of futures for physicals (efp) is the process that members (clients), who hold the same month contracts with opposite directions, apply to the exchange after forming an agreement, and under the approval of the exchange, mutually offset the positions on the price that is prescribed by the exchange and exchange the warrants that bear the same amounts, same products and the same direction with the underlying futures contracts on the price that is agreed by the two sides. (2) time limit of an efp: an efp shall last from the first trading day after the last trading day of the previous month of the contract month to the second trading day (included) prior to the last trading day of the contract month. after the buyer and seller members (investors), who hold the contracts with the same delivery month, reach the agreement, they shall go to the exchange to apply for handling efp procedures by filling in an efp application form issued by the exchange before 14:00 on a trading day within the above-mentioned time limit. (3) efp delivery and settlement price: it is negotiated by the buyer and seller members (investors)0 (4) the handling of futures positions applying for an efp: the original positions of the futures contracts matured in the corresponding month, and held by both sides applying for an efp should be closed out by the exchange before 15:00 of the day of application, on the basis of the settlement price of the trading day before the day of application. (5) the margins for an efp (delivery margin) shall be calculated on the basis of the settlement price of the delivery month�s futures contract on the trading day before the day of application. (6) exchange of notes for efp (including payment for the goods, and warehouse warrants) shall be completed in the exchange before 14:00 on the trading day after the day of application. 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