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China exchanges hike fees to tame moves in commodities

Reuters
An employee monitors molten iron being poured into a container at a steel plant in Hefei, Anhui province September 9, 2013. REUTERS/Stringer/File Photo

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:

* 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.

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* 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)