Announcement on the Release of the Revised Lead Futures Contract Specifications of Shanghai Futures Exchange (2024)

Announcement on the Release of the Revised Lead Futures Contract Specifications of Shanghai Futures Exchange (2024)

Announcement No. 50 [2024] of the Shanghai Futures Exchange

The Lead Futures Contract of Shanghai Futures Exchange (SHFE) (revised) and Delivery Rules of the Shanghai Futures Exchange (revised) have been adopted by its Board of Directors and reported to the China Securities Regulatory Commission.

The lead that conforms to the specifications of National Standard GB/T 469-2023 can be used for physical delivery from April 12, 2024.The lead that conforms to the specifications of National Standard GB/T 469-2013 cannot be used for physical delivery from April 11, 2025, and the existing standard warrants can still be used for physical delivery.

Please visit the official website of SHFE for the Chinese version. If there is any discrepancy between the English version and the Chinese version, the Chinese version shall prevail.

Appendix 1

The Lead Futures Contract of Shanghai Futures Exchange

Note：Words with double strikethrough are deleted and those in red and bold are newly added.

Revised Version		Current Version（effective from April 2,2023）
Grade and Quality Specifications	Standard: Pb99.994 lead ingots as prescribed in National Standard GB/T 469-2013 GB/T 469-2023 Pb99.994, or Pb99.996 lead ingots as prescribed in National Standard GB/T 469-2023with lead content not less than 99.994%	Grade and Quality Specifications	Standard: Pb99.994 lead ingots as prescribed in National Standard GB/T 469-2013  Pb99.994, with lead content not less than 99.994%
Appendix to Lead Futures Contract Specifications
II.       Quality Standards1.        Lead ingots used for physical delivery shall conform to the specifications of National Standard GB/T 469-2013 GB/T 469-2023 Pb99.994, or Pb99.996 lead ingots as prescribed in National Standard GB/T 469-2023 with lead content being no less than 99.994%.		II.       Quality Standards1. Lead ingots used for physical delivery shall conform to the specifications of National Standard GB/T 469-2013 for Pb99.994, with lead content being no less than 99.994%.

Delivery Rules of the Shanghai Futures Exchange

Note：words with double strikethrough are deleted and those in red and bold are newly added.

Revised Version	Current Version（effective from October 18,2023）
Article 43     Packaging for deliverable commodity (i)        Packaging: lead ingots underlying each warrant shall consist of commodity of the same manufacturer, registered trademark, quality grade, shape, and packaged quantity (secured into bundles of similar weight). The registered producer may decide, in its sole discretion, the weight of each bundle, provided that such bundle weights can be formed into each standard warrant successfully. Lead ingots shall be tightened into bundles with rust-resistant straps of proper strength as separately announced by the Exchange. The strapping shall be reliable and each bundle shall be marked by a prominent and secure product label, specifying manufacturer name, product name, designation, batch number, net weight, and date of production. (ii)       If the commodities arrive at the designated delivery warehouse with broken straps or loose ingots, the commodities shall be repackaged and securely tightened with specified straps before they are delivered. Any costs incurred in the reassembly shall be borne by the owner. (iii)      Each domestically produced lead ingot shall weigh forty-eight (48) kilograms plus or minus three (±3) kilograms, forty-two (42) kilograms plus or minus two (±2) kilograms, forty (40) kilograms plus or minus two (±2) kilograms, or twenty-four (24) kilograms plus or minus one (±1) kilogram.	Article 43     Packaging for deliverable commodity (i)        Packaging: lead ingots underlying each warrant shall consist of commodity of the same manufacturer, registered trademark, quality grade, shape, and packaged quantity (secured into bundles of similar weight). The registered producer may decide, in its sole discretion, the weight of each bundle, provided that such bundle weights can be formed into each standard warrant successfully. Lead ingots shall be tightened into bundles with rust-resistant straps of proper strength as separately announced by the Exchange. The strapping shall be reliable and each bundle shall be marked by a prominent and secure product label, specifying manufacturer name, product name, designation, batch number, net weight, and date of production. (ii)       If the commodities arrive at the designated delivery warehouse with broken straps or loose ingots, the commodities shall be repackaged and securely tightened with specified straps before they are delivered. Any costs incurred in the reassembly shall be borne by the owner. (iii)      Each domestically produced lead ingot shall weigh forty-eight (48) kilograms plus or minus three (±3) kilograms, forty-two (42) kilograms plus or minus two (±2) kilograms, forty (40) kilograms plus or minus two (±2) kilograms, or twenty-four (24) kilograms plus or minus one (±1) kilogram.
Article 183   These Delivery Rules shall be implemented as of April 12, 2024October 18, 2023.	Article 183   These Delivery Rules shall be implemented as of October 18, 2023.

Appendix 2