Shanghai Futures Exchange / INE — natural rubber: derivatives exchange in Shanghai
Shanghai is an important venue for derivatives linked to natural rubber, a crop-derived raw material obtained from rubber trees.
AGR-062 · Derivatives exchange · Shanghai, China · CNY
Chinese reference market for natural rubber and TSR 20
Shanghai is an important venue for derivatives linked to natural rubber, a crop-derived raw material obtained from rubber trees. They are separate rule sets, not interchangeable symbols for an identical product. RU refers to specified natural rubber grades, while NR covers technically specified TSR 20 rubber. Their shared location does not remove the distinction between the exchanges.
Both futures contracts have a ten-tonne trading unit, but the acceptable material and delivery arrangements differ. For NR, the operator describes bonded delivery and participation by overseas traders subject to the market's access rules. Options are also available; NR options were launched on 22 April 2026. Quotation in the same currency, CNY, does not make a domestic-market price equivalent to a price applying under a particular customs regime. Product pages provide the starting point for checking these distinctions.
A tyre manufacturer should first establish which rubber grade its production process requires and whether it can accept the brands and origins eligible under the selected contract. It can then compare the per-tonne quotation with an importer's offer, allowing for freight, customs clearance, testing, packaging and delivery timing. An RU quotation should not automatically be substituted for a TSR 20 valuation. Before placing a trade through an intermediary, confirm the access route for the particular legal entity, cash collateral arrangements and the ability to receive goods if physical procurement is intended.
A rubber seller needs a precise shipment description covering the manufacturer, standard, production date, quality documents and stock location. Ownership of rubber does not establish its eligibility for exchange delivery. If the contract is used only to manage price fluctuations, compare its risk with the actual commercial exposure and payment schedule. On the data page, review volume, open interest and expiry: an inactive maturity may provide a weak indication of current physical trade. An option also requires a decision about strike, expiry and premium. Keep a record of which price series supports each commercial agreement, especially when transactions involve different origins or customs treatments. Physical delivery remains a separate logistics exercise even when an exchange contract is used.
What is priced: Coffee, cocoa, tea, sugar, cotton, rubber and spices
Where to find the prices
Products and quotations
Natural rubber RU — futures; Natural rubber RU — options; TSR 20 rubber NR — futures; TSR 20 rubber NR — options
Key figures
- RU contract size: 10 t (Specification checked 27 Oct 2026). SHFE futures; not annual volume.
- NR contract size: 10 t (Specification checked 27 Oct 2026). INE futures; not annual volume.
Sources
- SHFE — natural rubber
- SHFE/INE — TSR 20
- SHFE/INE — TSR 20 options
- SHFE — RU options
All agricultural exchanges, markets and price sources
