Cotton No.1 Option Contract Specs
| Underlying | Cotton No.1 Futures Contract |
| Contract Type | Call Option, Put Option |
| Trading Unit | One cotton No.1 futures contract |
| Price Quotation | Chinese yuan (CNY) per metric ton |
| Minimum Price Fluctuation | CNY1/metric ton |
| Price Limit | The same as the price limit of the cotton No.1 futures contract |
| Contract Months | The two consecutive nearby months of the underlying futures contract; the options contracts of the following months will be listed on the trading day following the day when open interests (single-sided) of their underlying futures contracts exceed 5000 lots after clearing. |
| Trading Hours | Monday to Friday (except public holidays) 9:00 a.m.—11:30 a.m. 13:30 p.m.—15:00 p.m. (Beijing time) Other trading hours stipulated by Zhengzhou Commodity Exchange |
| Last Trading Day | The 3rd trading day of the month prior to the futures delivery month and other dates stipulated by Zhengzhou Commodity Exchange |
| Expiration Day | The same as the last trading day |
| Strike Price | Based on the settlement price of the previous trading day of cotton No.1 futures, six in-the-money option contracts, one at-the-money option contract and six out-of-the-money option contracts will be listed according to the strike price interval. The strike price interval is: CNY100/metric ton when the strike price is less than or equal to CNY10,000/metric ton; CNY200/metric ton when the strike price is greater than CNY10,000/metric ton and less than or equal to CNY20,000/metric ton; CNY400/metric ton when the strike price is greater than CNY20,000/metric ton. |
| Exercise Style | American. The buyer can submit the application for exercising cotton No.1 option during the trading hours on the expiration day or any trading day before the expiration day. The buyer can submit the application for exercising or waiving the exercise before 15:30 on the expiration day. |
| Product Code | Call option: CF–contract month– C– strike price Put option: CF–contract month –P –strike price |
| Listed Exchange | Zhengzhou Commodity Exchange |
Cotton Option Contract Specs
(Revised at the 3rd meeting of the 7th Board of Governors on June 30, 2020, and the revised parts shall come into force since September 1, 2021.)
| Underlying | Cotton Futures Contract |
| Contract Type | Call Option, Put Option |
| Trading Unit | One cotton futures contract |
| Price Quotation | Chinese yuan (CNY) per metric ton |
| Minimum Price Fluctuation | CNY1/metric ton |
| Price Limit | The same as the price limit of the cotton futures contract |
| Contract Months | The two consecutive nearby months of the underlying futures contract; the options contracts of the following months will be listed on the trading day following the day when open interests (single-sided) of their underlying futures contracts exceed 5000 lots after clearing. |
| Trading Hours | Monday to Friday (except public holidays) 9:00 a.m.—11:30 a.m. 13:30 p.m.—15:00 p.m. (Beijing time) Other trading hours stipulated by Zhengzhou Commodity Exchange |
| Last Trading Day | The 3rd trading day of the month prior to the futures delivery month and other dates stipulated by Zhengzhou Commodity Exchange |
| Expiration Day | The same as the last trading day |
| Strike Price | Based on the settlement price of the previous trading day of cotton futures, six in-the-money option contracts, one at-the-money option contract and six out-of-the-money option contracts will be listed according to the strike price interval. The strike price interval is: CNY100/metric ton when the strike price is less than or equal to CNY10,000/metric ton; CNY200/metric ton when the strike price is greater than CNY10,000/metric ton and less than or equal to CNY20,000/metric ton; CNY400/metric ton when the strike price is greater than CNY20,000/metric ton. |
| Exercise Style | American. The buyer can submit the application for exercising cotton option during the trading hours on the expiration day or any trading day before the expiration day. The buyer can submit the application for exercising or waiving the exercise before 15:30 on the expiration day. |
| Product Code | Call option: CF–contract month– C– strike price Put option: CF–contract month –P –strike price |
| Listed Exchange | Zhengzhou Commodity Exchange |
