China debuted its first polysilicon futures on the Guangzhou Futures Exchange on Thursday.
The total volume of trading reached 32.855 billion yuan (about 4.5 billion U.S. dollars) on Thursday morning.
Polysilicon options contracts will be added on Friday.
China is the world's largest producer, consumer and importer of polysilicon.
Polysilicon is a key material for the photovoltaic industry.
Price fluctuation for polysilicon reached 280 percent in China in 2023.
The Guangzhou Futures Exchange is offering seven polysilicon futures contracts.
The benchmark listing price for the futures was 38,600 yuan per metric ton.
At 09:00 upon opening, the main polysilicon futures contract surged by as much as 13.99 percent, hitting the upper limit at 44,000 yuan per metric ton.
The momentum then weakened, with the increase narrowing to around 7 percent, and prices stabilizing at approximately 41,000 yuan per metric ton.
"The polysilicon futures are able to provide long-term price signals and risk management tool for relevant enterprises, help enterprises with reasonable planning of production capacity layout and arrangements of production and operation, guide the industry in optimizing resource allocation, resisting risks of price fluctuations, and stabilizing production and operation, and enhance the resilience and security of industrial and supply chains," said Chen Ruigang, an official of Guangzhou Futures Exchange.
China's first polysilicon futures debut
