INE Bonded Copper Futures (BC), listed on the Shanghai International Energy Exchange (INE), provides institutional market participants with RMB-denominated exposure to copper held in China’s bonded warehouses. The contract supports price discovery, risk management and trading opportunities across China’s copper and broader metals markets.
As one of the world’s largest copper-consuming markets, China plays an important role in global copper demand and trade. INE Bonded Copper Futures provide a China-based pricing reference for copper before it enters the domestic market, offering an alternative to China’s duty-paid domestic copper contract.
For international institutions, BC provides a way to gain exposure to China’s copper pricing in RMB without requiring an onshore trading licence for domestic futures. The contract can be used alongside SHFE copper and international copper benchmarks as part of broader metals trading and risk management strategies.
Eligible overseas institutional investors can participate in BC through China’s Internationalised Contracts or the Qualified Foreign Investor (QFI) framework. These access channels allow eligible foreign institutions to trade selected Chinese futures and options while gaining exposure to China’s domestic price discovery and growing commodity markets.
If you are new to China’s derivatives market, we recommend starting with our 《中国市场准入指南》 before exploring the available access routes through the 国际化路径 和 合格境外投资者（QFI）制度.
What Does "Bonded" Mean for This Contract?
“Bonded” means the copper is stored in a customs-supervised zone before it is cleared into China’s domestic market. Import duty and value-added tax (VAT) have not yet been applied while the copper remains in bonded storage.
This gives BC a different price basis from SHFE’s domestic copper contract, which reflects copper for onshore delivery. BC therefore provides a pricing reference for copper at the bonded stage of the supply chain.
For market participants involved in international copper trade, bonded storage can provide greater flexibility when managing the timing of imports, domestic sales, storage and re-export.
Where Can BC Futures Be Delivered?
BC Futures are physically settled, with deliverable copper required to meet Grade A cathode standards.
Delivery is available at designated bonded warehouses in Shanghai and Guangzhou:
Shanghai’s Yangshan Special Comprehensive Bonded Zone
- Henry Bath Warehousing: 30,000-ton capacity
- Shanghai Xinyi Logistics: 10,000-ton capacity
Guangzhou
- Guangdong Jushen Storage: 10,000-ton capacity
The Yangshan copper premium is also widely followed as an indicator of conditions in China’s bonded copper market, providing insight into regional copper supply, demand and pricing.
Why Trade INE Bonded Copper?
INE Bonded Copper Futures provide institutional participants with a China-based futures market for managing exposure to copper prices and the broader metals supply chain.
Market participants may use INE BC Futures to:
- Hedge exposure to copper price volatility across the metals supply chain
- Manage copper procurement and trading risks
- Gain exposure to China’s copper market
- Diversify metals trading strategies across Asian and global markets
- Monitor regional copper pricing and market conditions
INE BC Futures may be relevant to:
- 大宗商品贸易公司
- Copper importers, traders and smelters
- 金属生产商及制造商
- Bonded warehouse and logistics operators
- 对冲基金
- 自营交易公司
- 机构投资者
Institutions seeking exposure to China’s domestic, duty-paid copper market may also be interested in INE Futures & Options Trading, which includes China’s onshore copper contract alongside aluminium, zinc, lead, tin, gold and silver.
INE Bonded Copper Contract Specifications
The Shanghai International Energy Exchange (INE) lists Bonded Copper under the contract symbol BC. The contract represents refined copper cathode held in bonded storage and is physically settled.
| 合约规格 | INE Bonded Copper Futures | INE Bonded Copper Options |
|---|---|---|
| 上市交易所 | 上海国际能源交易中心（INE） | |
| 交易代码 | BC |
看涨期权： BC-Contract Month-C-Strike Price 看跌期权： BC-Contract Month-P-Strike Price |
| 标的物 | Refined copper (Grade A cathode), held in bonded storage | INE Bonded Copper (BC) Futures Contract (5 metric tons) |
| 交易单位 | 5 metric tons (MT)/lot | 1 BC contract |
| 报价单位 | Yuan (RMB) /MT (exclusive of tax and customs duty) | (RMB) Yuan/ton |
| 最小变动价位 | 10 Yuan/metric ton | 2 Yuan/ton |
| 涨跌停板幅度 | Within ±3% of the settlement price of the preceding trading day | Same as underlying INE Bonded Copper Futures |
| 交割月份 | January-December | Nearest two consecutive months; later months may be listed when the underlying BC futures open interest reaches the threshold specified by INE |
| 交易时间 | 9:00–11:30 a.m., 1:30–3:00 p.m., and other exchange-prescribed sessions | |
| 最后交易日 | The fifteenth day of the delivery month, subject to exchange adjustments | The fifth-to-last trading day of the month preceding the delivery month of the underlying BC contract, subject to exchange adjustments |
| 交割方式 | 实物交割 | Exercise into the underlying contract |
| 交割日期 | 最后交易日后连续五个交易日 | N/A |
| 准入路径 | 国际化 与 合格境外投资者（QFI） | |
The above summarises the principal contract specifications. Please refer to the Shanghai International Energy Exchange for the latest contract rules and trading parameters.
How Overseas Investors Can Access INE Bonded Copper
Eligible overseas participants can access INE Bonded Copper Futures through two recognised market access routes.
国际化合约
BC is an 国际化品种, allowing eligible overseas participants to trade through an approved Overseas Intermediary (OI), such as Orient Futures Singapore, without establishing an onshore Chinese entity.
The Internationalised Route provides overseas institutions with access to selected Chinese commodity derivatives while participating in China’s domestic price discovery.
延伸阅读：
合格境外投资者（QFI）
合格境外投资者（QFI）制度为符合条件的机构投资者提供了更广泛的中国境内期货及期权市场准入，涵盖上期所、能源中心、大商所、郑商所、广期所及中金所等多家交易所产品。
For institutions evaluating which access route is most suitable, our guides provide further information on eligibility, product coverage and market access considerations.
延伸阅读：
Why Trade Through Orient Futures Singapore?
As a MAS-regulated brokerage and an approved Overseas Intermediary for INE, Orient Futures Singapore provides institutional clients with access to China’s bonded and onshore derivatives markets, supported by institutional-grade execution, low-latency infrastructure and cross-border market expertise.
我司的核心能力包括：
- Access to INE internationalised products, including Bonded Copper Futures& Options
- 合格境外投资者（QFI）准入支持
- 机构账户开户服务
- 多交易所互联互通
- 专业交易执行服务
- 低延迟交易基础设施
- 中国期货交易所及全球市场接入
Ready to Access INE Bonded Copper?
Whether you are hedging copper exposure, managing procurement and trading risks, or building a broader China metals strategy, our team can help you understand the available market access routes for your institution.
联系我们的机构销售团队 today to learn more.
常见问答
Q: Is INE Bonded Copper Futures the same as SHFE copper futures?
Q: What quality standard applies to deliverable copper under BC?
Q: Can overseas institutions access INE Bonded Copper?
Q: Does bonded storage mean that copper avoids Chinese tax permanently?
No. Bonded storage does not permanently exempt copper from Chinese import taxes. Instead, it generally allows applicable import duty and VAT to be deferred while the copper remains in a bonded area. If the copper is subsequently cleared into China’s domestic market, the applicable taxes and duties may become payable.
For INE Bonded Copper (BC), this bonded arrangement is important because the contract is designed around the trading and delivery of copper within China’s bonded market, with prices quoted exclusive of VAT and customs duty.
问：境外投资者还可参与中国哪些交易所？
Depending on the access route and eligibility, overseas institutions may also access products listed on SHFE, INE, DCE, ZCE, GFEX and CFFEX.
敬请通过我们的 中国市场接入 page to learn more about China’s futures exchanges, available products and market access routes.
作者简介
张永力
市场销售经理
东证期货新加坡
领英
张永力（Chong Yung Lik）现任东证期货新加坡市场销售经理，负责机构客户的全周期服务，涵盖客户寻求进入中国及全球期货市场的各环节。作为东证期货新加坡销售团部的一员，他支持境外客户完成开户、保证金及结算流程，并就中国及全球期货与衍生品产品进行持续的客户关系管理。他的文章基于团队在服务客户进入中国及国际市场过程中积累的实操经验。
