It’s settled.
A few days ago, the Zhengzhou Commodity Exchange (hereinafter referred to as “Zhengzhou Commodity Exchange”) PTA options listing application has been approved by the China Securities Regulatory Commission, and the PTA options contract will be officially listed for trading on December 16. PTA options, together with methanol options, will become the first energy and chemical options listed in my country.
A polyester market participant said: “Options are not the icing on the cake of futures, but keep pace with futures. Buying options is equivalent to buying insurance. The premium is called premium, and the guaranteed price is called exercise. Price. Currently, as large private enterprises enter refining and chemical projects and further promote integrated development, market competition is becoming increasingly fierce. Enterprises in the polyester industry chain need to learn more complete financial knowledge and master more financial tools to provide enterprises and The operation of the industry is better protected.”
At the same time, with the confirmation of the listing date of PTA options, it also marks that Zhengzhou Commodity Exchange has taken another solid step on the path of balanced development of futures and options. The main futures varieties options The level of supporting facilities will be significantly improved, and the ways and means of serving related industries will be more three-dimensional and diverse.
From the perspective of futures varieties across the entire textile industry chain, after PTA options are officially launched, Zhengzhou Commodity Exchange will have a series of “combination tools” of cotton futures, cotton options, cotton yarn futures, PTA futures and PTA options. “. In the future, if polyester bottle flakes and polyester short fiber futures are successfully launched, financial instruments covering a wider textile industry chain will exert a stronger “sector effect.”
The “stable foundation” of the spot and futures markets is the strongest support
According to the relevant person in charge of Zhengzhou Commercial Exchange, the spot foundation of PTA varieties is good and the maturity is high. The futures market operates stably, functions effectively, and has all the conditions for options trading.
China’s chemical fiber industry is an industry with new competitive advantages in the world. As the “boss” of chemical fiber varieties, polyester polyester is the top priority of the chemical fiber industry. PTA is the most important raw material for the production of polyester products and one of the basic raw materials for the textile industry. More than 95% of PTA in the world is used to produce polyester products.
At present, my country’s PTA industry has global competitive advantages and is at the leading level in terms of comprehensive competitiveness such as technology, equipment, product quality, and overall scale. my country is the world’s largest producer and consumer of PTA, and also the world’s largest producer and consumer of polyester products. In 2018, my country’s PTA effective production capacity reached 45.79 million tons, the output was 40.8 million tons, and the self-sufficiency rate reached 99.8%. The industry has formed large leaders such as Yisheng Petrochemical, Hengli Petrochemical, and Jiaxing Petrochemical under Tongkun Group.
Among them, Yisheng Petrochemical, which is jointly invested by Rongsheng and Hengyi, currently has an annual PTA production capacity of 13.5 million tons. At the same time, there are still new projects with an annual production capacity of 6 million tons under construction. It is expected that after the new project is completed and put into operation, Yisheng Petrochemical’s annual PTA production capacity will move towards 20 million tons. Hengli Petrochemical’s current annual PTA production capacity is 6.6 million tons (the actual production capacity is approximately 7 million tons), and there are still new projects under construction in Changxing Island, Dalian. Tongkun Group’s current annual PTA production capacity is approximately 4.2 million tons, and it will build a new PTA project in Nantong, Jiangsu with an annual output of 5 million tons.
At the same time, Tongkun Group, Hengli Group, and the two major shareholders of Yisheng Petrochemical, Rongsheng Group and Hengyi Group, are all large polyester product manufacturers, and they are all leading companies in polyester filament. .
In 2006, PTA futures were listed and traded on the Zhengzhou Commercial Exchange. The early days of PTA futures listing were the period when my country’s private enterprises began to enter the PTA industry. At this stage, the market supply of my country’s PTA industry is increasing year by year, but the import volume of products is still large. Since 2011, the production capacity of my country’s PTA industry has grown rapidly, and has gradually entered a stage of relative overcapacity, and industry competition has become increasingly fierce. Especially after 2015, the PTA industry entered a consolidation stage that continues to this day. In 2016, my country’s PTA entered the net export stage. At present, the PTA industry has entered a new round of expansion period.
Along the way, as the supply and demand structure of the spot market continues to change, especially as the spot market enters the stage of structural overcapacity and consolidation, polyester industry chain companies are increasingly aware of the value of futures tools.
Correspondingly, the maturity of PTA futures has continued to improve, its functions have been effectively performed, and it has gradually grown into a “star” and “fist” product in the market.
Currently, 90% of my country’s PTA production companies, trading companies and 80% of polyester companies are using PTA futures to avoid risks. Especially in recent years, the ability of the PTA futures market to serve the real industry has continued to increase. In the evaluation of the functions of domestic futures varieties, PTA futures has stabilized in the top five and is the chemical product with the best functions. In the evaluation of futures product functions of Zhengzhou Commodity Exchange in the first half of 2019, PTA futures ranked first among industrial products.
PTA futures is also a unique futures product in my country and the first chemical product in the market. The core position of China’s polyester industry and PTA industry in the global market, as well as the effective play of the value of PTA futures tools after they mature, have made practitioners in the global aromatics industry chain pay close attention to China’s PTA futures in recent years. On November 30, 2018, PTA futures successfully introduced overseas traders, further enhancing the international representativeness of futures prices.
An insider in the polyester industry expressed this emotion: “Back then, when PTA futures were first launched, many companies did not understand or even resisted them at first. However, in recent years, with the changes in the industry’s supply and demand pattern, Constantly changing, PTA futures have become an inseparable financial tool for polyester companies and industries. It can be said that now I watch the nightI still read the market every morning when the market opens, I read the market when I am at work, and I also read the market when I am on a business trip. Futures prices have deeply affected everyone’s nerves and emotions. ”
Multiple risk hedging systems for the polyester industry chain will be built
The downstream of PTA is connected to the polyester industry, and it The upstream of PX is connected to PX, and the upper end of PX is connected to crude oil.
It is worth noting that in recent years, as the state supports private enterprises to enter the refining and chemical field, many large-scale private chemical fiber enterprises in China have The company continues to promote the integrated development of “refining-PX-PTA-polyester-chemical fiber”. Since this year, as several large-scale private PX projects have been put into production, the market operation pattern is changing, and the relationship between China’s private chemical fiber companies and the crude oil end has become more From the perspective of market operation, since last year, due to changes in crude oil prices and exchange rates, international trade frictions and changes in the industrial chain structure, the price fluctuations of PTA and other products have increased, which has caused an increase in the production of physical enterprises. Operating brings more uncertainty and complexity.
An option refers to a contract that gives the holder the right to buy something at a fixed price on a specific date or at any time before that date. The right to buy or sell an asset, it is a basic risk management tool. The characteristics and advantages of options include: avoiding risks and taking into account returns; no insurance call pressure, you can hold it; diversified “insurance prices” , personalized portfolio strategy.
“Futures contracts have no value and only require performance deposits, while options require payment for rights. “The above-mentioned industry insiders said.
An industry insider in the polyester industry pointed out that currently, with increasing fluctuations in crude oil prices and intensifying competition pressure in textile trade, PTA industry companies undertaking upstream and downstream operations are facing greater risks and challenges. . Carrying out PTA options trading will establish a multi-level hedging system for the polyester industry chain, which will help better serve the stable operation of enterprises, improve competitiveness, enhance investment confidence, and thus promote high-quality development of the industry.
The above-mentioned industries Sources also said: “Currently, my country’s large-scale leading polyester companies have entered a new round of expansion, with multiple domestic large-scale PTA devices being put into operation, and many companies are building new PTA projects. It is obvious that there are new changes in the supply and demand pattern of my country’s PTA market, and there are also new changes in the transaction model. In this context, polyester industry chain enterprises need to learn more complete financial knowledge and master more financial tools to better protect the operation of real enterprises and industries. ”
Guan Dayu, general manager of the options service department of Hangzhou Relian Group, said that after the listing of on-exchange options such as PTA, it can provide authoritative pricing basis for over-the-counter options, as well as efficient and convenient hedging channels, thereby realizing on-exchange and off-exchange options. The options market develops collaboratively.
Wang Yang, head of the options department of Haitong Futures, pointed out that judging from the operation of the sugar, cotton futures and options markets, options can stabilize investors’ trading mentality and reduce investment when the underlying market prices fluctuate significantly. The irrational trading behavior of traders promotes the smooth operation of the underlying market. Therefore, carrying out more varieties of option transactions will help further enhance the resilience of the futures market and improve the quality of market operation.
Preparations for the listing of PTA options are ready
First, the number of PTA option exercise price contracts is consistent with that of cotton options. According to the fluctuation characteristics of PTA futures prices, PTA options will be listed separately on the first day 13 call options and 13 put options ensure that the fluctuation range of the underlying futures price of the next day is covered. As the PTA futures price changes, if the number of real-valued or out-of-the-money PTA options is less than 6, ZCE will add new exercise options The options contract corresponding to the price can meet the hedging needs of enterprises and the investment and transaction needs of participants in a timely manner.
The second is the listing standard for PTA active month option contracts. At present, PTA futures non-main contracts have introduced market makers, and both transactions and positions have increased. Improve.
The third is to set the PTA option exercise price spacing in a targeted manner. Currently, the ratio of the domestic commodity option exercise price spacing to the exercise price is between 1% and 2%. According to the PTA futures price operating range, with 5000 Yuan/ton and 10,000 yuan/ton are the dividing points, and the exercise price intervals are set at 50 yuan/ton, 100 yuan/ton and 200 yuan/ton respectively.
The relevant person in charge of Zhengzhou Commercial Exchange said that around the listing of PTA options, Zhengzhou Commodity Exchange has already carried out options simulation trading, market maker selection and analyst training.
In the next stage, Zhengzhou Commodity Exchange will follow the unified arrangements and deployment of the China Securities Regulatory Commission, strengthen overall coordination, and conscientiously implement market organization and rules Formulate, prepare technical systems and educate investors, etc., effectively improve the market supervision and risk prevention system, do a good job in market training and publicity, and ensure the smooth launch and smooth operation of new options.
“Commodity options listing in China In the past two years, the market has been operating stably, prices are reasonable and effective, investors have participated rationally, functions have initially appeared, and the development foundation has been laid solid, with conditions for accelerating development. Since the beginning of this year, commodity options management measures have been relaxed, rules and regulations have been improved, and technical systems have been optimized. “A market professional said.
He also analyzed and pointed out that this time, a large number of commodity options were approved together with the listing of PTA options. For example, there are also methanol options that are also chemical varieties. Moreover, these varieties They are all the main active products in the domestic futures market. This shows that in the face of internal and external environmental uncertainty and the increasing demand for corporate value hedging, my country’s confidence in developing commodity options is increasing and its intensity is increasing.
“my country’s commodity options will usher in a new era New development opportunities have entered the channel of accelerated development. The breadth of its services to the real economy will gradually expand and the depth will continue to increase. ” said the above-mentioned professionals.
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