Listed Product	Cotton (XinJiang)
Trading Unit	1 ton
Quotation Unit	Yuan (RMB)/ton
Minimum Price Fluctuation	5 Yuan/ton
Trading Hours (All times listed are Beijing Time)	Night Time:19：00 p.m.- 3：00 a.m.　　 Morning Time: 9：00 a.m. - 11：30 a.m.　　 Afternoon Time: 13：30 p.m. - 16：00 p.m.
Delivery Declaration Period (Beijing Time)	16:00 p.m. – 16:15 p.m. of each trading day.
Intermediary Trader Declaration Period (Beijing Time)	16:15 p.m. – 16:30 p.m. of each trading day.
Quality Standard	Standard Products：Grade 328B XinJiang hand-picking saw ginned upland cotton as specified in the national standard GB1103-2007. 　Substitutes: Grade 4 or higher, length greater than 27mm (GB1103-2007), and domestic or imported saw ginned fine cotton specified by the Exchange.
Delivery Sites	Designated Warehouses by the Exchange
Minimum Delivery Unit	44 tons
Margin Requirement	20%
Transaction Fee	0.5‰ of transaction value
Delivery Fee	20 yuan / ton
Delivery Method	Physical delivery
Compensation Rate for Deferred Delivery	0.8‰ of contract value per day
Commodity Symbol	BCXJ
Exchange Listed	Bohai Commodity Exchange of Tianjin

　　

　　

　

Annotation:

1. The above content constitutes the main contract specifications for the transactions completed by a buyer and a seller on the E-trading System of the Exchange.

　

2. The price limitations of first trading day are ±8% of the guide price; daily price limits are ±8% of the settlement price of the previous trading day.

　

3. Delivery Unit

The minimum delivery unit is 44 tons. The delivery volume should be an integer times 44 tons. The surplus or shortage of each delivery unit should not exceed ±4 tons.

　

4. Quality Standards

1) The cotton intended for entry into the designated warehouses should meet the quality standards stated in the contract specifications.

2) The package of cotton intended for entry into the designated warehouses should meet the Type I package requirements stated in the national standard GB6975-2007, and the sign of cotton package should meet national standard of upland cotton.

3) The cotton on each Registered Warehouse Receipt shall be the same batch, same place of origin, and produced by the same manufacturer.

4) The expiry date for each Registered Warehouse Receipt is one year from the public inspection date or the commodity inspection date of the batch.

5) Cotton of Grade 5 and 6 entry into the designated warehouses can only be qualified for Agreement Settlement, not for substitutes.

6) The agreement settlement reached between buyers and sellers should be executed in accordance with the 《Detailed Agreement Settlement Rules of Tianjin Bohai Commodity Exchange》.

　

5. Grades, length, and quality standard of substitutes

The grades, length, and quality standard of substitutes shall be provided by the Exchange.

　

6. Designated Warehouses and Geographical Differences

The designated warehouses and the standards of premiums and discounts of geographical differences shall be otherwise published by the Exchange.