ZCE continues to optimize its delivery system to serve industry needs

On August 23, Zhengzhou Commodity Exchange held the 28th “Online Face-to-Face” symposium for members. At the meeting, the relevant business leaders of Zhengzhou Commodity Exchange gave a detailed introduction to the urea and short fiber delivery business and precautions as well as the process of applying for delivery warehouses. They also provided centralized answers to questions encountered and raised by members in the business. More than 220 Relevant business personnel from member units participated in this online exchange.

As a bridge linking futures and spot, delivery is the basis for the function of futures and a key node for the futures industry to provide industrial enterprise services. On the basis of ensuring delivery safety, Zhengzhou Commodity Exchange has always tried its best to meet the actual needs of more industrial customers by actively optimizing business processes, improving the functions of the electronic warehouse receipt system, and adjusting the layout of delivery warehouses.

A reporter from Futures Daily learned during the training that based on the characteristics of the urea industry and the habits of the spot market, urea futures implements the “factory + warehouse” delivery method. The delivery warehouse registers physical warehouse receipts; the delivery factory registers credit warehouse receipts. From the perspective of registration area, Henan region generates the largest amount of warehouse receipts, accounting for more than 60%. In terms of warehouse receipt types, production-type factories have the largest number of warehouse receipt registrations, accounting for more than 50%, followed by trader factories, which account for about 28%. When picking up goods from a trader’s factory with multiple pick-up points, the pick-up person should focus on the specific pick-up point information of the warehouse receipt to avoid cross-regional pick-up and additional logistics costs.

According to the relevant business person in charge of Zhengzhou Commodity Exchange, short fiber implements a delivery brand system. The benchmark delivery product must be a commodity produced by a short fiber manufacturer recognized by Zhengzhou Commodity Exchange. Delivery brands other than those announced by Zhengzhou Commodity Exchange cannot be registered for futures standard warehouse receipts. Starting from August 1, the group standard “Technical Specifications for Futures Benchmark Deliverables of Polyester Short Fiber Futures for Spinning” has been officially implemented, further standardizing the relevant technical indicators of short fiber futures deliverables. The requirements have promoted the standardization and standardization system construction of short fiber spot products. In the next step, ZCE will continue to explore the introduction of warehouse delivery system for short fiber futures on the basis of group standards, extensively solicit opinions and suggestions from the market on related work, provide more convenience for entity enterprises to carry out hedging delivery, and continue to provide high-quality services to the industry. Quality development contributes new futures power.

“The definition of delivery services actually covers the entire process before, during and after industrial enterprises participate in the futures market.” Li Liansheng, head of the Zhengzhou Sales Department of Yide Futures, told reporters. Therefore, Yide Futures proposes the concept of one-stop, full-process delivery services in the process of serving the industry. In his opinion, the instructors of this training not only comprehensively sorted out the delivery business system of Zhengzhou Commodity Exchange from an institutional perspective, but also integrated theory with practice during the teaching process to ensure that participants had a clear understanding of the business delivery process. We have a more accurate grasp of the difficulties and details in the work, which plays a very good guiding role in practical work.

“Actually, in the process of serving physical customers, we found that customers are not familiar with the delivery methods of production factories and trader factories.” Chen Shengxiang, senior short fiber analyst of Guomao Futures who participated in this training Reporter introduction. This training systematically explained the delivery locations, delivery brands, delivery nodes and warehouse receipt trade of short fiber factory warehouses. It also answered detailed issues such as short fiber packaging and warehouse receipt re-registration often mentioned by customers.

According to Chen Sheng, Guomao Futures has been deeply involved in the field of textile and chemical fibers for many years. As an important center for the production of short fiber and polyester yarn, Fujian has always been a key area for the company’s services. In his opinion, this training has promoted the relevant business personnel of Guomao Futures to conduct systematic learning and review in the delivery process, which will be helpful in later service customers in selecting delivery locations and registering factory warehouse receipts. “For example, the lecturer explained the details of short fiber delivery in detail. In addition to the regular due delivery, he also introduced the EFP delivery process in detail, which further opened up our ideas of serving customers and helped increase the number of short fiber factories and traders. The linkage with cotton mills has broadened the channels and methods of transactions.” Return to Sohu to see more

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