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Asphalt Futures (BU) — Infrastructure in a Contract
Asphalt paves China's roads — BU is the listed expression of Chinese infrastructure spending. It trades with one foot in crude oil (it is a refinery residual) and one in construction seasonality, making it a favorite calendar-season trade for Chinese commodity desks.
Contract Specifications
| Exchange | Shanghai Futures Exchange (SHFE) |
| Symbol | BU |
| Underlying | Grade 70 road asphalt (petroleum bitumen) |
| Contract size | 10 metric tons per lot |
| Price quote | CNY (¥) per metric ton |
| Minimum tick | ¥2 per ton = ¥20 per lot (≈$2.80) |
| Daily price limit | Dynamic band set by the exchange (typically ±4% to ±8%) |
| Day session (Beijing) | 9:00–10:15, 10:30–11:30, 13:30–15:00 |
| Night session (Beijing) | 21:00–23:00 |
| Contract months | Jan–Dec alternates (main contracts: Jun / Sep / Dec cycle by season) |
| Last trading day | The 15th calendar day of the delivery month (shifted for holidays) |
| Exchange margin (reference) | Roughly 8–12% of contract value for the main contract |
Specifications are reference values compiled from exchange publications. Margin ratios and price limits are adjusted dynamically — the exchange's latest announcements always prevail.
What the Price Actually Buys You
At a typical price of ¥3,600/ton, one lot is worth ¥36,000 (≈$5,000) — margin near 10% means roughly ¥3,600 (≈$500) controls one lot. Every ¥2 move = ¥20 per lot.
BU's structure is simple and honest: crude sets the cost floor, infrastructure demand sets the ceiling, and the road-paving season (roughly April–November, north-to-south) sets the rhythm.
What Moves Asphalt
- Road construction season. Paving stops in frozen winter and resumes in spring — BU's seasonal pattern is among the most reliable on the board.
- Crude oil costs. Asphalt is the heavy residual of refining — crude rallies lift BU's cost floor, with a lag.
- Infrastructure stimulus. Road, airport and local government special-bond spending data are BU's demand news. Fiscal announcements move it directly.
- Refinery output economics. When fuel oil or residual cracking margins beat asphalt, refineries divert barrels — supply responds to relative margins.
- Local government financing. LGFV debt conditions and project payment cycles shape real demand pacing.
Why Traders Trade It
Seasonal clarity. Buy-the-season/sell-the-off-season patterns in BU are documented and repeatable — a clean teaching contract for seasonality trading.
Crude participation with lower beta. Energy views with a construction twist, at modest contract value.
What to Watch Out For
- Winter dead season. November–March northern paving stops — BU drifts on crude alone. Adjust expectations accordingly.
- Fiscal news gaps. Infrastructure stimulus headlines can gap BU — keep stops realistic during policy windows.
Trading Asphalt on XS Select
All XS Select evaluations include Asphalt and every other major Chinese commodity contract, on real Wenhua Finance market data with institutional liquidity. Commission is set at 2x the exchange standard (charged on open and close) — replicating professional trading conditions.
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