Zhengzhou Commodity Exchange: Promote the listing of PX and bottle flake futures and further improve the product tool system

On September 7, at the polyester industry sub-forum of the 2022 China (Zhengzhou) International Futures Forum, Yu Xuanfeng, deputy general manager of the Zhengzhou Commodity Exchange, said in his speech that in recent years, Zhengzhou Commodity ExchangePTA futures, we have implemented opening up to the outside world, launched PTA options and short fiber futures, and continued to build a risk management tool system for the polyester industry chain. The synergy of the sectors has gradually emerged. , the market scale and operationquality have been steadily improved, and the service industry capabilities have been further enhanced.

Judging from the varieties of the polyester sector, from January to July 2022, the average daily turnover of PTA futures was 2.12 million lots, and the average daily position was 2.26 million lots; legal person customers accounted for 50% of the transactions and 82% of the positions; spot futures The price correlation is as high as 0.99, and the cumulative delivery volume is 570,000 tons. The average daily turnover of short fiber futures is 240,000 lots, and the average daily position is 310,000 lots; legal person customers account for 54% of transactions and 83% of positions. The correlation between futures and spot prices is 0.98, and the cumulative delivery volume is 60,000 tons. The average daily trading volume of PTA options is 230,000 lots, and the average daily holdings are 210,000 lots; legal person customers account for 73% of the trading volume and 64% of the positions.

According to Yu Xuefeng, currently, PTA production companies, which account for 96% of the total domestic production capacity, use futures hedging; short fiber production companies, which account for about 50% of the total domestic production capacity, use futures to hedge risks. In terms of business development, the over-the-counter warehouse receipt financing business provided 300 million yuan in financing for 50,000 tons of PTA. The short fiber futures contract has been continuously active and has achieved initial results. Since April, the June-October contracts have successively become the main contracts. Regarding the opening of PTA futures to the outside world, more than 400 overseas customers from 20 countries and regions have opened accounts, and the proportion of overseas customers’ transactions and positions are both above 5%.

In the functional evaluation of futures varieties organized by the China Securities Regulatory Commission, PTA futures has ranked first in the country’s chemical products for five consecutive years, and the relevant indicators of short fiber futures are close to the level of mature varieties such as PTA. Yu Xuefeng said that in the next step, Zhengzhou Commercial Office will focus on the following four tasks.

First, provide solid industrial services, carry out a series of market cultivation activities for industrial bases and “Stabilize Enterprises and Enable Agriculture, and Escort Entities”, and summarize and promote typical cases and successful experiences. The second is to continue to improve the rules and regulations and promote the introduction of warehouse delivery for short fiber futures. On August 1, 2022, the short fiber futures benchmark delivery group standard formulated by the Zhengzhou Commodity Exchange and the China Chemical Fiber Association was officially implemented, solving the problem of distinguishing short fibers for spinning and spunlace, assisting the development of industrial standardization, and also providing a The introduction of warehouse delivery for short fiber futures has laid a solid foundation. The third is to strengthen the research and development of new varieties, strive to promote the listing of PX and bottle flake futures, further improve the product tool system, and better support the high-quality development of the polyester industry. The fourth is to strengthen the expansion of PTA futures overseas markets, provide risk management services to more international customers, and enhance the international influence of PTA futures prices.

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