The futures market is not one market but dozens of interdependent yet separate markets. Every product has its own temperament: copper watches global manufacturing, soybean meal watches American weather, rebar watches Chinese property, crude oil watches geopolitics.
This article covers 25+ mainstream products across eight sectors: contract code, exchange, trading unit, tick size, reference margin rate, price drivers, and suitable audience. Before trading, first understand its "lifeline".
Data basis: the tables are teaching references (common levels in 2024–2025); contract specifications and margin rates are subject to the latest exchange rules.
Quick Reference Table
| Product | Code | Exchange | Trading unit | Quote unit | Tick size | Reference margin rate |
|---|---|---|---|---|---|---|
| CSI 300 index | IF | CFFEX | 300 CNY/point | Index points | 0.2 pt | 12% |
| SSE 50 index | IH | CFFEX | 300 CNY/point | Index points | 0.2 pt | 12% |
| CSI 500 index | IC | CFFEX | 200 CNY/point | Index points | 0.2 pt | 12% |
| CSI 1000 index | IM | CFFEX | 200 CNY/point | Index points | 0.2 pt | 12% |
| 10-year treasury | T | CFFEX | 1M CNY face value | Per-100 quote | 0.005 CNY | 2% |
| 5-year treasury | TF | CFFEX | 1M CNY face value | Per-100 quote | 0.005 CNY | 1.2% |
| 2-year treasury | TS | CFFEX | 2M CNY face value | Per-100 quote | 0.002 CNY | 0.5% |
| 30-year treasury | TL | CFFEX | 1M CNY face value | Per-100 quote | 0.01 CNY | 3.5% |
| Gold | AU | SHFE | 1000 g/lot | CNY/gram | 0.02 CNY/g | 8% |
| Silver | AG | SHFE | 15 kg/lot | CNY/kg | 1 CNY/kg | 9% |
| Copper | CU | SHFE | 5 t/lot | CNY/ton | 10 CNY/t | 8% |
| Aluminum | AL | SHFE | 5 t/lot | CNY/ton | 5 CNY/t | 8% |
| Zinc | ZN | SHFE | 5 t/lot | CNY/ton | 5 CNY/t | 8% |
| Nickel | NI | SHFE | 1 t/lot | CNY/ton | 10 CNY/t | 12% |
| Rebar | RB | SHFE | 10 t/lot | CNY/ton | 1 CNY/t | 7% |
| Hot-rolled coil | HC | SHFE | 10 t/lot | CNY/ton | 1 CNY/t | 7% |
| Iron ore | I | DCE | 100 t/lot | CNY/ton | 0.5 CNY/t | 9% |
| Coke | J | DCE | 100 t/lot | CNY/ton | 0.5 CNY/t | 10% |
| Coking coal | JM | DCE | 60 t/lot | CNY/ton | 0.5 CNY/t | 9% |
| Crude oil | SC | INE | 1000 bbl/lot | CNY/barrel | 0.1 CNY/bbl | 9% |
| Fuel oil | FU | SHFE | 10 t/lot | CNY/ton | 1 CNY/t | 9% |
| PTA | TA | CZCE | 5 t/lot | CNY/ton | 2 CNY/t | 7% |
| Methanol | MA | CZCE | 10 t/lot | CNY/ton | 1 CNY/t | 7% |
| Plastics (LLDPE) | L | DCE | 5 t/lot | CNY/ton | 1 CNY/t | 7% |
| Polypropylene | PP | DCE | 5 t/lot | CNY/ton | 1 CNY/t | 7% |
| Natural rubber | RU | SHFE | 10 t/lot | CNY/ton | 5 CNY/t | 8% |
| Ethylene glycol | EG | DCE | 10 t/lot | CNY/ton | 1 CNY/t | 8% |
| Soybean meal | M | DCE | 10 t/lot | CNY/ton | 1 CNY/t | 7% |
| Soybean oil | Y | DCE | 10 t/lot | CNY/ton | 2 CNY/t | 7% |
| Palm oil | P | DCE | 10 t/lot | CNY/ton | 2 CNY/t | 8% |
| Corn | C | DCE | 10 t/lot | CNY/ton | 1 CNY/t | 6% |
| Live hogs | LH | DCE | 16 t/lot | CNY/ton | 5 CNY/t | 12% |
| Sugar | SR | CZCE | 10 t/lot | CNY/ton | 1 CNY/t | 7% |
| Cotton | CF | CZCE | 5 t/lot | CNY/ton | 5 CNY/t | 7% |
| Apple | AP | CZCE | 10 t/lot | CNY/ton | 1 CNY/t | 8% |
| Red dates | CJ | CZCE | 5 t/lot | CNY/ton | 5 CNY/t | 12% |
① Financial Futures (CFFEX)
The underlying of financial futures is not a commodity but indices and interest rates, all cash-settled. Entry barriers are high (index futures require 500k CNY available funds) but the logic is clean: trade index futures to express a view on the broad market, bond futures for rates.
Index Futures: IF / IH / IC / IM
| Product | Underlying index | Contract multiplier | Value per lot (index at 4000) |
|---|---|---|---|
| IF CSI 300 | CSI 300 index (large-cap blue chips) | 300 CNY/pt | 1.2M CNY |
| IH SSE 50 | SSE 50 index (mega-cap financials) | 300 CNY/pt | 1.2M CNY |
| IC CSI 500 | CSI 500 index (mid-cap growth) | 200 CNY/pt | 800k CNY |
| IM CSI 1000 | CSI 1000 index (small-cap themes) | 200 CNY/pt | 800k CNY |
- Tick size: 0.2 points → each tick IF/IH = 60 CNY, IC/IM = 40 CNY.
- Margin example: IF at 4000, 12% margin → 1.2M × 12% = 144k CNY per lot.
Price drivers:
- Broad-market fundamentals + macro policy (monetary policy, economic data, foreign flows).
- Index divergence: IF/IH track heavyweight stocks and the rate environment; IC/IM track growth-stock risk appetite.
- Market sentiment and liquidity (margin financing, fund issuance, northbound flows).
Who it suits: Professional investors who understand A-shares and want to hedge spot holdings; advanced traders with a view on the broad market. High barriers and large per-trade size — not for beginners.
Treasury Futures: T / TF / TS / TL
| Product | Tenor | Trading unit | Minimum tick | Value per tick |
|---|---|---|---|---|
| TL | 30-year | 1M CNY face value | 0.01 CNY | 100 CNY |
| T | 10-year | 1M CNY face value | 0.005 CNY | 50 CNY |
| TF | 5-year | 1M CNY face value | 0.005 CNY | 50 CNY |
| TS | 2-year | 2M CNY face value | 0.002 CNY | 40 CNY |
- Quotes are per 100 of face value (e.g. 101.5); one lot of T = 1M CNY face value of treasuries.
- Leverage is extreme (margin 0.5%–3.5%), but bond volatility is small; actual risk controllability depends on position size.
Price drivers:
- Falling rates → treasury prices rise (the longer the duration, the more sensitive; TL has the largest elasticity).
- Monetary policy (RRR/rate cuts), inflation expectations, liquidity conditions.
- Deliverable bond supply and positioning structure.
Who it suits: An interest-rate risk management tool for institutions (banks, insurers, funds); retail participation requires understanding rates and duration — nominal leverage is extreme; do not enter without understanding duration.
② Precious Metals (SHFE)
Gold AU
- 1000 g/lot, quoted in CNY/gram, tick 0.02 CNY/g (20 CNY per lot per tick).
- Value per lot ≈ spot gold price × 1000 (at 700 CNY/g ≈ 700k CNY); 8% margin ≈ 56k CNY.
Price drivers:
- Real USD interest rates (falling real rates → gold rises).
- Geopolitics and safe-haven sentiment; central-bank gold buying.
- Inflation expectations and Fed policy.
Who it suits: Traders who want leveraged gold exposure and understand the dollar-and-rates logic; long-term allocators should prefer gold ETFs over futures (no rollover cost).
Silver AG
- 15 kg/lot, quoted in CNY/kilogram, tick 1 CNY/kg (15 CNY per lot per tick).
Price drivers:
- Follows gold's monetary attributes (safe haven, rates).
- Industrial demand (solar's share of silver use is rising fast) adds extra elasticity — silver usually swings harder than gold.
- Inflation and manufacturing cycles.
Who it suits: Traders who can take high volatility and want a bet on the precious-metals-plus-industrial dual character.
③ Non-Ferrous Metals (SHFE)
The non-ferrous sector is deeply tied to the global manufacturing cycle — a "thermometer" of the macro economy.
| Product | Value per lot (common 2025 prices) | P&L per tick |
|---|---|---|
| Copper CU (5 t/lot) | 80k CNY/t × 5 = 400k CNY | 10 CNY/t × 5 = 50 CNY |
| Aluminum AL (5 t/lot) | 20k CNY/t × 5 = 100k CNY | 5 CNY/t × 5 = 25 CNY |
| Zinc ZN (5 t/lot) | 25k CNY/t × 5 = 125k CNY | 5 CNY/t × 5 = 25 CNY |
| Nickel NI (1 t/lot) | 130k CNY/t × 1 = 130k CNY | 10 CNY/t × 1 = 10 CNY |
Price drivers:
- Copper: global manufacturing PMI, grid/renewables/property demand, mine-side supply disruptions (Chile, Peru strikes) — called "Dr. Copper" (the economic barometer).
- Aluminum: smelting capacity ceiling (policy-driven production caps) + solar and EV lightweighting demand; costs hinge on power and alumina.
- Zinc: galvanized-steel demand → property and infrastructure cycles; mine treatment charges signal supply.
- Nickel: two main lines — EV battery demand and stainless steel; Indonesian supply policy is the biggest variable, and volatility tops the sector.
Who it suits: Investors who track macro data (PMI, aggregate financing, property sales). Copper is the best "macro trade" vehicle; nickel suits high-risk tactical players.
④ Ferrous Complex (SHFE/DCE)
Ferrous is the most actively traded and most retail-heavy domestic sector, with a clean industrial logic: property/infrastructure demand → rebar → steel mills → coke & coking coal (fuel) + iron ore (raw material). Known as the "ferrous chain".
| Product | Value per lot | P&L per tick |
|---|---|---|
| Rebar RB (10 t/lot, 3500 CNY/t) | 35k CNY | 1 CNY/t × 10 = 10 CNY |
| Hot-rolled coil HC (10 t/lot, 3600 CNY/t) | 36k CNY | 1 CNY/t × 10 = 10 CNY |
| Iron ore I (100 t/lot, 700 CNY/t) | 70k CNY | 0.5 CNY/t × 100 = 50 CNY |
| Coke J (100 t/lot, 1800 CNY/t) | 180k CNY | 0.5 CNY/t × 100 = 50 CNY |
| Coking coal JM (60 t/lot, 1200 CNY/t) | 72k CNY | 0.5 CNY/t × 60 = 30 CNY |
Price drivers:
- Rebar/hot-rolled coil: property new starts and infrastructure investment (demand), mill margins and production policy (supply), cost pass-through (ore + coke).
- Iron ore: mill demand + the Big Four mines' (Vale, Rio Tinto, BHP, FMG) shipment rhythm + port inventories; high import dependence, easily hit by overseas shocks.
- Coke/coking coal: mill production cuts/ramps (downstream demand), mine safety inspections and import policy (supply); coking coal sets coke's cost.
Who it suits: Diligent traders willing to track property data, mill operating rates, and port inventories daily. The battlefield retail traders know best — and the one manipulators love to harvest: big swings, heavy news flow, many false breakouts.
💀 Ferrous: Best Known to Retail, Most Loved by Manipulators
The battlefield retail traders know best is also the one manipulators love to harvest — big swings, heavy news flow, many false breakouts. The ferrous chain has clean industrial logic but dense news flow; beginners get shredded by repeated false breakouts. Trade it fundamentals-first.
⑤ Energy & Chemicals (INE/SHFE/DCE/CZCE)
The energy-chemical sector spans upstream crude pricing and mid/downstream chain products, with long logic chains and clearly diverging rhythms.
| Product | Value per lot | P&L per tick |
|---|---|---|
| Crude oil SC (1000 bbl/lot, 550 CNY/bbl) | 550k CNY | 0.1 CNY/bbl × 1000 = 100 CNY |
| Fuel oil FU (10 t/lot, 3000 CNY/t) | 30k CNY | 1 CNY/t × 10 = 10 CNY |
| PTA TA (5 t/lot, 5000 CNY/t) | 25k CNY | 2 CNY/t × 5 = 10 CNY |
| Methanol MA (10 t/lot, 2500 CNY/t) | 25k CNY | 1 CNY/t × 10 = 10 CNY |
| Plastics L (5 t/lot, 8000 CNY/t) | 40k CNY | 1 CNY/t × 5 = 5 CNY |
| Polypropylene PP (5 t/lot, 7500 CNY/t) | 37.5k CNY | 1 CNY/t × 5 = 5 CNY |
| Natural rubber RU (10 t/lot, 14000 CNY/t) | 140k CNY | 5 CNY/t × 10 = 50 CNY |
| Ethylene glycol EG (10 t/lot, 4600 CNY/t) | 46k CNY | 1 CNY/t × 10 = 10 CNY |
Price drivers:
- Crude oil: OPEC+ production policy, geopolitical conflicts (Middle East, Russia-Ukraine), US inventories and global demand expectations — the anchor of global commodities.
- Fuel oil: follows crude, plus bunker demand and high/low-sulfur spread policy.
- PTA: upstream crude and PX supply, downstream textile and apparel demand (polyester operating rates) — "crude sets the cost, weaving sets the demand".
- Methanol: coal cost + downstream olefins/MTO demand + Iranian imports (seasonal).
- Plastics/PP: crude cost + new capacity cycles + downstream packaging/appliance/auto demand.
- Rubber: Southeast Asian tapping seasons and weather (El Niño) + downstream tire/auto production and sales + inventory cycles.
- Ethylene glycol: dual crude/coal feedstock + structural overcapacity + port inventories.
Who it suits: Traders who enjoy digging into industrial chains. Energy-chemical products have low entry tickets (PTA and methanol cost only tens of thousands per lot), a common "small-capital futures school" — but the information barriers are high and narratives move prices.
⑥ Agricultural Products (DCE/CZCE)
Agriculturals = weather futures + policy futures. Planting, weather, inventories, import tariffs, and stockpiling policy all price in together; seasonality is strong and volatility clusters.
| Product | Value per lot | P&L per tick |
|---|---|---|
| Soybean meal M (10 t/lot, 3000 CNY/t) | 30k CNY | 1 CNY/t × 10 = 10 CNY |
| Soybean oil Y (10 t/lot, 8000 CNY/t) | 80k CNY | 2 CNY/t × 10 = 20 CNY |
| Palm oil P (10 t/lot, 9000 CNY/t) | 90k CNY | 2 CNY/t × 10 = 20 CNY |
| Corn C (10 t/lot, 2400 CNY/t) | 24k CNY | 1 CNY/t × 10 = 10 CNY |
| Live hogs LH (16 t/lot, 14000 CNY/t) | 224k CNY | 5 CNY/t × 16 = 80 CNY |
Price drivers:
- Soybean meal: US/Brazil soybean output (weather, USDA reports) + import arrival pace + hog inventory (feed demand) — volatility expands in planting and harvest seasons.
- Soybean oil/palm oil: global oilseed and Malaysian/Indonesian palm output (MPOB monthly reports) + biodiesel policy + domestic inventories.
- Corn: planted area and weather (US corn + Northeast China), feed demand (hog inventory), imports and deep processing.
- Live hogs: the hog cycle (sow inventory is the leading indicator) + farming margins (which drive restocking and slaughter pace) — the most retail-heavy, most "distinctly Chinese" product in logic.
Who it suits: "Fundamentals types" who follow USDA monthly reports, weather news, and the hog cycle. Agriculturals cluster volatility and explode fast — not for slow hands on lagging news.
⑦ Soft Commodities (CZCE)
Softs = consumer cash crops, with both policy and weather character.
| Product | Value per lot | P&L per tick |
|---|---|---|
| Sugar SR (10 t/lot, 6000 CNY/t) | 60k CNY | 1 CNY/t × 10 = 10 CNY |
| Cotton CF (5 t/lot, 14000 CNY/t) | 70k CNY | 5 CNY/t × 5 = 25 CNY |
| Apple AP (10 t/lot, 7500 CNY/t) | 75k CNY | 1 CNY/t × 10 = 10 CNY |
| Red dates CJ (5 t/lot, 10000 CNY/t) | 50k CNY | 5 CNY/t × 5 = 25 CNY |
Price drivers:
- Sugar: Brazil/India output and export policy, domestic import quotas and tariffs, stockpiling policy.
- Cotton: Xinjiang planted area and weather, US cotton exports and inventories, downstream textile demand (linked to PTA).
- Apple: weather pricing (spring frosts and hail directly strike output) + inventory drawdown pace + holiday consumption.
- Red dates: Xinjiang weather, planted-area cuts (policy), and warrant costs.
Who it suits: Agriculture enthusiasts sensitive to weather and supply-sales data. Apple and red dates are "small products" — easily manipulated capital, trends prone to extremes. Keep positions light.
⑧ FX and Rates
Domestic status
- There is currently no onshore exchange-traded FX futures in China. FX hedging is done mainly through interbank FX forwards, swaps, and options (real trade background required).
- Onshore exchange-traded rate instruments = treasury bond futures (see Section ①) plus the interbank interest rate swap (IRS, an institutional market).
- Retail traders wanting FX futures generally can only access CME FX futures via compliant offshore channels.
Offshore reference: mainstream CME FX futures (for comparison)
| Product | Code | Trading unit | Minimum tick | Value per tick |
|---|---|---|---|---|
| EUR/USD | 6E | EUR 125,000 | 0.00005 | USD 6.25 |
| JPY/USD | 6J | JPY 12,500,000 | 0.0000005 | USD 6.25 |
| GBP/USD | 6B | GBP 62,500 | 0.0001 | USD 6.25 |
| AUD/USD | 6A | AUD 100,000 | 0.00005 | USD 5 |
Price drivers:
- Policy rate differentials between the two central banks (differentials set the long-run FX anchor).
- Relative strength of economic data (employment, inflation, GDP) and capital flows.
- Geopolitics and risk sentiment (safe-haven JPY/CHF).
Who it suits: Investors fluent in the macro rates framework. FX futures leverage is extreme (commonly 20–50x) — beginners stay away; and settle the compliance question of domestic participation first.
How to Read a Contract
For any product, answer five questions first:
- How much is one lot? Price × trading unit = contract value.
- How much margin per lot? Contract value × margin rate.
- How much per tick? Tick size × trading unit.
- What drives the price? Upstream/downstream chain + macro + seasonality.
- What happens on a 10% adverse move? Under leverage that equals a 10× loss on principal (see Article 02).
Example (rebar rb): price 3500 → one lot 35k CNY → 10% margin 3500 CNY → 10 CNY per tick → a 10% adverse move (350 points) loses 3500 CNY = the entire principal of a fully margined trader.
Risk Warning
⚠️ Risk Warning
- All contract specifications and margin rates on this page are teaching references; the latest exchange announcements govern; margin rates adjust dynamically with markets and policy.
- High-volatility products (nickel, live hogs, apple, red dates) and high-leverage products (treasuries, FX) blow up far faster than you imagine — finish Article 02 "Margin & Forced Liquidation" first.
- Product choice ≠ a money guarantee: small products are manipulable, large products have complex news flow — there is no "easy money" product.
- Offshore futures trading carries compliance and fund-safety risks; verify your eligibility and channel legality before participating.
Summary
- Financial futures: index futures track the broad market and rates, 800k–1.2M CNY per lot, 500k CNY threshold.
- Precious metals: gold tracks real rates; silver adds industrial elasticity.
- Non-ferrous: copper is the macro barometer; nickel swings the most.
- Ferrous: the property-infrastructure chain — retail's most familiar and most dangerous ground.
- Energy & chemicals: crude sets the cost; high industrial-chain information barriers.
- Agriculturals: weather + policy + the hog cycle; clustered volatility.
- Softs: weather-priced small products; beware manipulation.
- FX & rates: onshore exchange trading is treasury futures only; FX futures are offshore.
Choosing a product = choosing a battlefield. First pick products whose drivers you can understand, then talk strategy; for products you don't understand, however sexy, don't touch.
🗺 Choosing a Product = Choosing a Battlefield
First pick products whose drivers you can understand, then talk strategy; for products you don't understand, however sexy, don't touch. Product temperaments vary wildly — copper watches global manufacturing, soybean meal watches American weather, rebar watches Chinese property, crude oil watches geopolitics.