Hedging with bonded copper futures requires prior 

approval from INE. If a trader believes that the 

regular position limit is too low to meet its hedging 

needs, it may apply to INE for a hedging quota. INE 

determines and approves such quotas based on two 

factors: the applicant’s bona fide production, trading, 

and consumption volume of physicals, and market 

conditions. An applicant should submit the necessary 

supporting materials, such as its production plan, sales 

contract, or processing plan.

When a futures contract enters the “nearby delivery 

months”, INE’s trading system will automatically 

adjust the hedging quota to the lower of the previously 

approved hedging quota for regular months and the 

general position limit for the contract in nearby delivery 

months. This adjustment converts the hedging quota 

for regular months to hedging quota for nearby delivery 

months, and is done to help manage market risks as 

the contract approaches the delivery month. However, 

if any trader finds the adjusted level is not sufficient to 

cover its hedging needs, it may separately apply to INE 

for a higher hedging quota for nearby delivery months.

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