Coke options operated smoothly duringthe first week of trading on Dalian Commodity Exchange (DCE), maintaining close linkages between the futures and spot markets.The risk management function has begun to emerge, while industrial enterprises have shown growing interest in participating, injecting fresh impetus into the high-quality development of the real economy.
Coke is an indispensable core raw material for steel-making and coal chemical production. China is the world’s largest coke producer and consumer, with annual domestic output exceeding 500 million metric tons and accounting for more than 67% of global production for many years. Coke is also a key industrial raw material underpinning the steady operation of industries such as infrastructure development and equipment manufacturing.
The launch of coke options on DCE marks a further improvement in the risk management toolkit for the coal, coke and steel industry chain. It plays a crucial role in ensuring a stable supply of metallurgical raw materials, strengthening the resilience of industrial and supply chains, and supporting the high-quality development of the manufacturing sector.
Data show that duringthe first week of trading on DCE, coke options recorded a cumulative trading volume of 17,448 lots, with an average daily trading volume of 3,490 lots. Daily trading volume rose sharply from 855 lots on the first day of trading (on a unilateral basis, the same below) to 8,151 lots. The ratio of options trading volume to futures trading volume increased from 0.88% to 5.00%. Open interests surged from 414 lots on the first day of trading to 6,171 lots, with average daily open interests at 2,670 lots. The ratio of options open interests to futures open interests grew from 0.49% to 7.52%.
