Underlying

Urea Futures Contract

Contract Type

Call options; put options

Trading Unit

1 UR contract

Price Quotation

Chinese yuan (RMB) per metric ton

Minimum Price Fluctuation

RMB 0.5 yuan/metric ton

Price Limit

Same as the price limit for UR contracts

Contract Months

The two consecutive nearby months of the underlying futures contract; contracts of subsequent months are listed on the trading day following the day when (single-counted) post-clearing open interest of the relevant underlying futures contract exceeds 10,000 lots

Trading Hours

9:00-11:30 and 13:30-15:00(Beijing time) and other trading hours prescribed by Zhengzhou Commodity Exchange

Last Trading Day

Third-to-last trading day as counting backward from the 15th calendar day (inclusive) of the month prior to the delivery month of the underlying futures contract, or another date prescribed by Zhengzhou Commodity Exchange

Expiration Day

Same as the Last Trading Day

Strike Price

The range of strike price (SP) is the preceding trading day’s settlement price of the underlying futures contract plus or minus 1.5 times the current day’s price limit

The strike price interval is:

10 yuan/metric ton if SP ≤ 1,000 yuan/metric ton;

20 yuan/metric ton if 1,000 yuan/metric ton < SP ≤ 2,000 yuan/metric ton;

40 yuan/metric ton if SP > 2,000 yuan/metric ton

Exercise Style

American. The buyer can submit an exercise request during trading hours on any trading day before the expiration day, and an exercise or abandonment request before 3:30 p.m. on the expiration day

Product Code

Calls: UR-contract month-C-strike price

Puts: UR-contract month-P-strike price

Listing Exchange

Zhengzhou Commodity Exchange