The principal consideration behind the bonded copper 

futures is to introduce it as a specified product without 

changing the existing copper futures listed on Shanghai 

Futures Exchange (SHFE). China imposes export 

duty and VAT on copper and other major nonferrous 

metals, which in effect has created two spot markets 

for copper: a tax-included domestic market and an onshore (in bonded areas) bonded market.

SHFE’s copper futures are aimed at the former, and 

reflect the domestic supply and demand of refined 

copper. Its price has become a benchmark for spot

copper trades in China. By contrast, the bonded copper 

futures are designed for the tax-excluded markets 

outside Chinese customs, including on-shore bonded 

areas and the markets of countries and regions in the 

Far Eastern time zones. These markets reflect the 

copper supply and demand in the international markets. 

The dual-contract model enables the introduction of an 

internationally oriented product for the bonded market 

and the market of the Far Eastern time zones, without 

disrupting the domestic market. This helps providing the 

global copper industry with a better risk management 

tool.

声明：本资料仅用于投资者教育，不构成任何投资建议。我们力求本资料信息准确可靠，但对这些信息的准确性、完整性或及时性不作保证，亦不对因使用该等信息而引发的损失承担任何责任，投资者不应以该等信息取代其独立判断或仅根据该等信息做出决策。基金有风险，投资须谨慎。