Benchmark contracts
| Benchmark | Type | Contract spec | Unit | Range | As of | Deliverable grade |
|---|---|---|---|---|---|---|
| Shanghai/GuangzhouHeadline | physical_fob | — | USD/kg | 45–65 | Dec 2024 | — |
| Shanghai | physical_fob | — | USD/kg | 120–180 | Dec 2024 | — |
| Tokyo | physical_cif | — | USD/kg | 80–120 | Dec 2024 | — |
Premium structure
Differentials between benchmarks reveal where physical royal jelly trades relative to the futures reference and how regional grades price against the global standard.
| Benchmark | Differential | Notes |
|---|---|---|
| Shanghai/Guangzhou | — | |
| Shanghai | — | |
| Tokyo | — |
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