Shanghai International Energy Exchange (INE), a wholly-owned subsidiary of the Shanghai Futures Exchange, will officially launch TSR 20 options and international copper options for trading on April 22 (starting with the night session on April 21). Both options contracts are classified as domestic specific products and will be simultaneously made available to Qualified Foreign Investors (QFI) upon listing.
TSR 20 is a core raw material for the tire industry, while copper is a key foundational material in sectors such as new energy and advanced manufacturing. Both are crucial commodities supporting the development of the real economy. China is the world's largest consumer of both TSR 20 and copper. Enterprises within the related industrial chains are deeply integrated into the global market, leading to an increasingly urgent need for more refined and diverse risk management tools.
As China's manufacturing sector transitions toward high-quality development, the demand for risk management among companies in the TSR 20 and international copper supply chains has grown significantly. Market calls for the introduction of options contracts have intensified. The listing of TSR 20 options and international copper options, along with their opening to foreign investors, will not only enrich the risk management tools available to domestic and international industrial chain enterprises—helping them hedge against price volatility and improve risk management capabilities—but will also complement the corresponding futures contracts. This will enhance the price discovery mechanism, further leverage the resource allocation function of the futures market, strengthen China's pricing influence in the global commodity markets, and support the development of Shanghai as an international financial center.
Since 2018, INE has launched six futures and options contracts, including TSR 20 futures, international copper futures, and crude oil options. Market operations have been stable, with trading, settlement, exercise, and international participation processes having been tested by the market. This provides a solid foundation for the successful listing of TSR 20 and international copper options and accelerates the goal of achieving full options coverage for INE's mature products. According to statistics, the average daily trading volume of crude oil options in 2025 increased by 23.61% year-on-year, while average daily open interest rose by 32.71%, indicating continuous improvement in the efficiency and functionality of the options market in serving the real economy.
Moving forward, INE will rigorously ensure the reliability of technical systems and manage market risks effectively. It will also conduct in-depth market training and investor education to guarantee the smooth launch and stable operation of TSR 20 options and international copper options.
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