The Shanghai International Energy Exchange (INE) TSR 20 Futures contract provides institutional market participants with access to China’s natural rubber market, supporting price discovery, risk management and exposure to one of Asia’s key industrial commodity supply chains.
TSR 20, or Technically Specified Rubber 20, is a technically specified natural rubber grade widely used in tyre manufacturing and other rubber-related industries. China is the world’s largest consumer of natural rubber, while Southeast Asia remains a major production region, making the connection between China’s physical rubber market and regional supply particularly important for commodity participants.
INE TSR 20 Futures provide institutions with a RMB-denominated futures contract designed around the physical characteristics and supply chain of TSR 20 rubber. The contract is an internationalised product and is also accessible to eligible Qualified Foreign Investors (QFIs), providing overseas participants with a regulated route into China’s onshore rubber derivatives market.
In 2026, INE further expanded the TSR 20 product suite with the introduction of TSR 20 Options and introduced a new overseas delivery framework, strengthening the connection between the futures market and physical rubber supply in Southeast Asia.
If you are new to China’s derivatives market, we recommend starting with our China Market Access Guide before exploring the available access routes through the Internationalised Route and Qualified Foreign Investor (QFI) Scheme.
Why Trade INE TSR 20?
TSR 20 is an important raw material for the global tyre and rubber industries. Price movements can affect tyre manufacturers, rubber processors, traders and other companies with exposure to the natural rubber supply chain.
INE TSR 20 Futures provide institutional participants with a China-based futures market for managing exposure to natural rubber prices.
Market participants may use INE TSR 20 Futures to:
- Hedge exposure to natural rubber price volatility
- Manage raw material costs associated with tyre and rubber manufacturing
- Gain exposure to China’s onshore natural rubber price discovery
- Manage commodity exposure linked to Southeast Asian rubber supply
- Diversify commodity trading and hedging strategies
- Express views on regional natural rubber market dynamics
- Complement physical procurement and trading strategies
INE TSR 20 Futures may be relevant to:
- Commodity trading firms
- Tyre manufacturers
- Rubber processors and manufacturers
- Natural rubber suppliers and traders
- Automotive and industrial companies
- Commodity funds and hedge funds
- Proprietary trading firms
- Institutional investors
A link between China demand and Southeast Asian supply
China is a major consumer of natural rubber, while Thailand, Indonesia and Malaysia are among the key rubber-producing countries in Southeast Asia.
This regional supply-and-demand relationship makes TSR 20 particularly relevant for participants whose commercial exposure sits across Asia. The INE contract provides RMB-denominated price discovery within China while allowing overseas market participants to participate through the exchange’s internationalised framework.
INE describes TSR 20 Futures as an internationalised product with bonded delivery and RMB denomination. Deliverable rubber may originate from China, Thailand, Malaysia and Indonesia, providing a physical delivery mechanism closely connected to the regional rubber supply chain.
INE TSR 20 Futures & Options Contract Specifications
The Shanghai International Energy Exchange (INE) lists TSR 20 Futures under the contract symbol NR, with each contract representing 10 metric tons of TSR 20 natural rubber and settled through physical delivery.
Expanding its TSR 20 product suite, INE launched TSR 20 Options on 22 April 2026, providing market participants with additional tools to manage natural rubber price exposure. The options are based on the underlying TSR 20 Futures contract and are available as both Call and Put Options.
For institutional participants, TSR 20 Options can offer greater flexibility in managing price risk, protecting procurement costs and implementing tailored hedging or trading strategies alongside existing TSR 20 Futures positions.
| Specification | TSR 20 Futures | TSR 20 Options |
|---|---|---|
| Listing Exchange | Shanghai International Energy Exchange (INE) | |
| Contract Symbol | NR |
Call option: NR-Contract Month-C-Strike Price Put option: NR-Contract Month-P-Strike Price |
| Underlying | TSR 20 natural rubber | TSR 20 Futures (NR) |
| Contract Size | 10 metric tons per lot | 1 NR Futures contract (10 metric tons) |
| Contract Type | Futures | Call & Put Options |
| Price Quotation | RMB yuan per metric ton | RMB yuan per metric ton |
| Minimum Tick Size | RMB 5 per metric ton | RMB 1 per metric ton |
| Daily Price Limit | ±5% from previous trading day's settlement price* | Same as underlying TSR 20 Futures* |
| Delivery / Settlement | Physical delivery | Exercise results in the underlying futures position |
| Option Style | N/A | American style |
| Strike Price | N/A | RMB 100/ton if strike price ≤ RMB 10,000; RMB 200/ton if > RMB 10,000 and ≤ RMB 20,000; RMB 500/ton if > RMB 20,000 |
| Trading Months | January - December | Nearest two consecutive months, with additional months listed according to INE requirements |
| Last Trading Day | 15th day of the delivery month, subject to exchange adjustments | Fifth-to-last trading day of the month before the delivery month of the underlying NR Futures contract |
| Expiration Date | N/A | Same as last trading day |
| Trading Hours | 9:00–11:30 a.m.; 1:30–3:00 p.m. Beijing Time, plus other exchange-prescribed sessions | 9:00–11:30 a.m.; 1:30–3:00 p.m. Beijing Time, plus other exchange-prescribed sessions |
| Delivery Period | Five consecutive trading days after the last trading day | N/A |
| Product Classification | Internationalised Product / QFI-accessible | |
Contract specifications are subject to change. Participants should refer to the Shanghai International Energy Exchange for the latest contract rules, trading parameters and delivery requirements.
Overseas Delivery: Expanding TSR 20 Beyond China's Bonded Warehouses
One of the most significant developments for INE TSR 20 Futures in 2026 is the introduction of an overseas delivery framework.
On 25 June 2026, INE released its Settlement Guidelines for Overseas Delivery against TSR 20 Futures and Take-Delivery Guidelines for Overseas Delivery against TSR 20 Futures. The new framework took effect on 25 July 2026.
The framework enables eligible offshore TSR 20 cargo to be registered and used for physical delivery through overseas standard warrants. This provides an additional delivery mechanism alongside the existing bonded and other physical delivery arrangements.
The initial overseas delivery framework covers rubber supply from Thailand, Malaysia and Indonesia, connecting INE’s futures market more directly with major Southeast Asian rubber-producing regions. INE has also released overseas delivery premiums, discounts and loading-port information for the TSR 20 contract.
What does overseas delivery mean for market participants?
Under the overseas delivery model, the physical rubber can remain outside mainland China while the delivery process, warrant arrangements and settlement are administered through the INE framework.
This can create a closer link between:
Southeast Asian physical rubber → INE TSR 20 Futures → Physical delivery
For producers, exporters, traders and industrial users with physical exposure in the region, the framework may improve the practical connection between the futures contract and the underlying physical market.
The overseas delivery framework also establishes procedures for cross-border settlement and take-delivery after overseas standard warrants are cancelled and the commodity becomes an offshore commodity.
Latest TSR 20 overseas delivery developments
As of August 2026, the overseas delivery framework has entered into effect following its implementation on 25 July.
INE has continued to refine the broader TSR 20 delivery ecosystem. In June, INE announced a RMB 400 per metric ton delivery discount for registered TSR 20 commodities originating from Indonesia, effective from 2 November 2026.
INE has also continued updating its network of designated delivery facilities and registered deliverable commodities. These developments highlight the exchange’s ongoing expansion of the physical delivery infrastructure supporting TSR 20 Futures.
Market participants should therefore distinguish between the introduction of the overseas delivery framework, which became effective on 25 July 2026, and subsequent changes to delivery premiums, discounts, eligible commodities, loading ports or delivery facilities, which may be announced separately by INE.
How Overseas Investors Can Access INE TSR 20
Foreign institutions can access INE TSR 20 Futures and Options through recognised China market-access channels, depending on their eligibility and investment objectives.
Internationalised Contracts
INE TSR 20 Futures and Options are internationalised products, meaning eligible overseas participants can access them through China’s internationalised market framework.
Overseas participants access internationalised products through an approved Overseas Intermediary (OI). Orient Futures Singapore holds Overseas Intermediary status with INE and provides institutional clients with access to internationalised products.
This structure allows eligible overseas institutions to participate in the market without establishing an onshore Chinese entity solely for access to the internationalised contract.
Qualified Foreign Investor (QFI)
TSR 20 Futures and Options are also identified as QFI-accessible products.
The QFI framework provides eligible overseas institutional investors with a broader route into China’s onshore futures and options markets. Depending on the institution’s circumstances and permitted investment scope, QFI can provide access to products beyond those available through the internationalised framework.
Institutions evaluating China market access should therefore consider both the Internationalised Route and QFI framework when determining the most appropriate structure.
Why Trade INE TSR 20 Through Orient Futures Singapore?
As a MAS-regulated brokerage and an approved Overseas Intermediary of the Shanghai International Energy Exchange, Orient Futures Singapore provides institutional clients with access to China’s internationalised commodity markets.
Our capabilities include:
- Access to INE internationalised products
- Access to INE TSR 20 Futures and Options
- Qualified Foreign Investor (QFI) market access support
- Institutional account onboarding
- Professional execution services
- Multi-exchange connectivity
- Low-latency trading infrastructure
- Access to global markets alongside China’s futures exchanges
Orient Futures Singapore currently holds Overseas Intermediary status across INE, SHFE, DCE, ZCE and GFEX, providing institutions with a single relationship for accessing a broad range of internationalised Chinese commodity futures and options.
Ready to Access INE TSR 20?
Whether you are looking to hedge natural rubber exposure, manage procurement costs, gain access to China’s onshore rubber market, implement options strategies or connect physical Southeast Asian rubber exposure with China’s futures market, INE TSR 20 provides an additional tool for institutional risk management and commodity trading.
Speak with our institutional sales team today to learn more about accessing INE TSR 20 Futures and Options.
Frequently Asked Questions
Q: What is INE TSR 20?
Q: What does TSR 20 mean?
Q: Is INE TSR 20 an internationalised product?
Q: What is the ticker for INE TSR 20?
Q: What is the contract size of INE TSR 20 Futures?
Q: What are INE TSR 20 Options?
Q: Are INE TSR 20 Options American-style?
Q: How is INE TSR 20 delivered?
Q: What is the new TSR 20 overseas delivery framework?
Q: Why is overseas delivery significant?
Q: Who can trade INE TSR 20?
Q: What industries use TSR 20?
Q: What other products can overseas investors access on INE?
Q: Why trade INE TSR 20 instead of another natural rubber benchmark?
About the Author
Alice Shi
Business Development Manager
Orient Futures Singapore
LinkedIn
Alice Shi is a business development manager at Orient Futures Singapore, where she works directly with institutional clients across China and global derivatives markets. As part of the Orient Futures Singapore sales team, her day-to-day focus spans client onboarding, account management, and supporting market access workflows across China and global futures and derivatives contracts. The insights in her articles reflect practical, team-developed experience drawn from working with clients at the point of market entry.
