Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| China (Zhejiang)Headline | physical_fob | — | USD/kg | 18–28 | Dec 2024 | — |
| Brazil (São Paulo to Rotterdam) | physical_cif | — | USD/kg | 35–55 | Dec 2024 | — |
| Peru (Lima) | physical_fob | — | USD/kg | 40–65 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical propolis trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| China (Zhejiang) | — | |
| Brazil (São Paulo to Rotterdam) | — | |
| Peru (Lima) | — |
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