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Original Caption: Short Fiber Futures Added 10 Futures And Options During The Trading Year Yesterday
Our reporter Wang Ning
On October 12, on the occasion of the 30th anniversary of the Zhengzhou Commodity Exchange and the China futures market, short fiber futures were officially listed for listing on the Zhengzhou Commodity Exchange. So far, 86 futures and options have been traded on the China futures market. Fang Xinghai, vice chairman of the China Securities Regulatory Commission, said that this year 10 varieties of liquefied petroleum gas, low-sulfur fuel oil futures and thermal coal options have been successfully listed, and that fiber futures basic can form an authorized, continuous and transparent futures price, which is an industrial chain. Companies conduct spot pricing and trading activities to provide “metrics” to better manage risk and stimulate internal vitality.
The “Securities Daily” reporter learned that the overall trading of staple fiber futures was stable on the first day of trading and industrial companies were actively involved. Many analysts said that the current basic fiber market is in a relatively balanced supply and demand situation, and that demand performance is relatively good. However, based on rising PTA prices due to factors such as capacity expansion and crude oil prices, prices may still further weaken in the aftermath.
As an important part of China’s modern financial system, the futures market has become an indispensable “stabilizer” for the high-quality development of the national economy and plays an important role in serving the real economy and national strategies. Fang Xinghai noted that 10 varieties of liquefied petroleum gas, low-sulfur fuel oil futures and thermal coal options have been successfully listed on the futures market this year. Significant progress has been made in building the national energy futures market system represented by oil, coal and gas. In the first nine months of this year, the futures market’s total turnover was 4.265 billion (one-sided), with a turnover of 302.8 trillion yuan, a year-on-year increase of 47.17% and 41.29% respectively. In the case of a significant increase in transactions, the open interest has also increased significantly.
Fang Xinghai believes that short fiber futures trading can form an authorized, continuous and transparent futures price, and provide an “indicator” for companies in the industrial chain to carry out trading and spot pricing activities, so that they can better manage risks and stimulate internal vitality; Mechanisms such as physical delivery and warehouse receipt transactions will expand corporate sales channels, ease corporate financial pressures, help stabilize the industrial chain, and unlock the supply chain; can further enrich the variety of futures options in the textile sector, promote the textile industry to effectively connect with the capital market and accelerate its realization with capital advantages. Transform and upgrade, improve quality and efficiency.
Xiong Jun, Chairman of ZCE, said that after the trading of staple fiber futures, he will work with cotton, PTA futures options and ZCE cotton yarn futures to better take advantage of the “bundling effect” of sector and form a more complete polyester and textile. Industrial risk management tool system.
Dai Bohua, deputy governor of Henan Province, also said that the staple fiber futures listing will provide more risk management tools for the development of the textile industry, which is of great importance to promote the industry market entities textile in Henan and throughout the country and the stability of the industrial chain supply chain, and promote high-quality economic development.
The reporter learned that the overall performance of short fiber futures on the first day of trading was going to open higher and higher, and all 5 contracts had their daily limit at the end of the trading day.
Liu Zebang, a researcher at the Dayou Futures Investing Research Center, told the “Securities Daily” reporter that staple fiber futures got off to a good start on the first day of trading. From the perspective of the chemical composition of staple fibers and the process of the polyester industry chain, PTA and ethylene glycol are closely related to the basic fiber. Inseparable relationship, PTA and ethylene glycol are generally melted and processed to obtain staple fiber, so the short-fiber futures listing complements the later varieties of the polyester industry chain.
Liu Zebang said that from the supply and demand perspective in the industry chain, the current staple fiber market is relatively balanced with supply and demand. Demand performance is relatively good. The large number of pre-orders has caused inventory to be low. The overall market price has been strong and the post-listing price performance has also been in line with market expectations. In the short term, the performance of the textile market is expected to boost staple fiber prices, and staple fiber futures prices are expected to remain strong. However, based on the rising PTA prices due to the expansion of production capacity and the decline in crude oil prices, prices may still weaken further in the subsequent period. Weak commodity prices make it difficult for staple fiber futures prices to gain a higher margin.
Nanhua Futures chemical and energy analyst Wang Qingqing told reporters that short fiber futures opened higher on the first day of trading and closed at the daily limit. The main contract PF2105 had a trading volume of more than 51,000 hands on the first day and a position close to 20,000 hands. The downstream is currently in the traditional high season for gold, nine and silver, and the demand side is well supported. The market is bullish. In general, you are optimistic about the future trend of the staple fiber and have a strong disposition to go long.
