Delivery has become an important channel for spot sales

Staple the first time since the 2105 contract for delivery, staple futures has completed three successful delivery contracts. Listed less than a year, the amount of staple delivery futures have been listed over the same period even run a lot of years of futures, market acceptance continues to increase. Further optimize the delivery system, effective protection of the return on current prices, the price is more realistic and reasonable. With the improvement of the delivery system, the market volume expanded industrial customers staple delivery of participation will be further enhanced.

Industry and actively participate in deliveries to new highs

Since its launch in October 2020, staple futures smooth operation, the delivery process smoothly. Among them, the amount of staple fiber delivery futures for the first time reached the 4896 hand, is ZCE existing varieties first delivery of the most number of hands. This past July, the staple futures and smooth delivery of the 7110 hand, the corresponding staple fiber 35,550 tons, deliveries of single staple futures contracts to new highs.

"PF2105 is the first time since the staple delivery futures market, the delivery either from the settlement amount, or from the main body involved in the delivery point of view, there are a lot of industrial customers directly or indirectly involved." Dun and Industrial single stand Army says, in the course of everyday communication and industrial customers also found, in the early staple profit margin is good, there are a lot of staple fiber factory sell futures hedging through the disk, to avoid the risk of late staple prices ; there are some factory locked part staple processing profits through futures disk.

Staple futures hedging exert its function, and this function has been honored by the final delivery.

As traders staple factory library, London and Industries to sell parties involved in the delivery of staple since the first delivery futures market. "On one hand, you want to experience the new varieties delivery process; on the other hand, taking into account the post-staple stocks increasing social epidemic also limits the portion of the market demand, as another sales channel delivery companies, can help digest companies in the hands of some stock positions. "stand-alone military said.

"In order to obtain large quantities of relatively cheap supply of downstream channels to broaden the company, we also choose to participate in May for the first time staple delivery futures." Ningbo Haitian Tongchuang Industrial Co., Ltd. responsible person Zheng Chen told the Futures Daily reporters that the delivery is better, helped the company successfully got a relatively cheap supply, and the establishment of channels of cooperation with the downstream use of the shipment in the subsequent months.

During the interview, the reporter learned that, the same as buying the delivery side, the Capital also participated in the PF2105 contract.

"We tried the delivery of various aspects of the delivery process, delivery included production plant libraries, trade factory library delivery." On Capital Management Ltd Deputy General Manager Gong Xiaogang introduced, through this settlement, the capital write-off period of three housing Lane, Histon, West China, Yizheng and other multi-brand staple fiber, staple fiber and in-depth understanding of the needs of industry, especially the downstream business needs of all aspects of product brand, quality, date of production and logistics, to facilitate better future for the industry to provide risk management services.

It seems people surveyed in July staple deliveries highs, reflecting the enthusiasm to improve the participation of industry staple futures.

"After the successful completion of the first delivery in May, staple futures finished the whole process of closing of the transaction, under the rules of the Exchange online and offline multi-party training, explain the delivery process, but also makes a lot of industrial customers more familiar with the staple futures delivery process, more industries customers are willing to participate in the futures market. "Tianfeng futures analyst Liu Siqi said.

In this regard, Zheng Chen also explained that in July the corresponding staple fiber industry is the low season, through the settlement, the plant can effectively implement the remaining inventory to.

Optimizing the delivery function to highlight the link Futures

Interview, the reporter learned that, overall smooth smooth staple futures delivery, but delivery of the staple factory have encountered willingness to part due to their own capacity and funding issues warehouse receipts registration is not strong, the number of deliverable brand is not high, credit delivery warehouse the amount of capacity is needed and other issues.

For delivery possible problems, ZCE close to the market demand, Take Measures to provide an effective guarantee for the smooth delivery.

According to Liu Siqi introduced, the introduction of exchange traders factory library, and delivery location is set to Jiangyin, Xiaoshan, Changle area, effectively activate the social warehouse resources Jiangyin, Xiaoshan, Changle area, to ensure the effective generation of warehouse receipts, to ensure that the current price of a smooth return. In addition, ZCE 6 staple delivery brand amplification, 14 staple delivery factory library, warehouse credit lines extended 130,000 tons, for delivery to fully tap the market potential, effectively widening delivery channels.

"Before the first delivery in May, ZCE on three adjustments completed by the addition of staple fiber plant libraries, especially the increase of traders factory library, expand delivery capacity to 30 million tons, fully meet the demand for deliveries of staple fiber, but also to the operation of the staple traders now increases the convenience. "SDIC Shun futures analyst Pang Chunyan said, adding traders factory library, on the one hand to ensure the delivery of quality products, on the other hand to facilitate the participation of traders , deliveries rising. "Downstream producers now face weak demand and poor sales, rising inventories, profit decline in the situation, and traders cooperation will help sell their products, and are combined with the idea of the traders favor short span or less profit opportunities, to achieve sales and profit win-win. "

In this regard, Zheng Chen also emotionally. Currently in staple fiber market, the delivery part to help enterprises lock staple processing fees, thereby obtaining a stable income, also helped staple fiber businesses in the thinly traded stock, you may find a buyer by delivery of cash flow normal production operations.

"Active cooperation and participation of current commercially delivery staple companies, relative to other companies can better manage inventory and maintain its own stable of goods to the market." In Zheng Chen's view, in terms of actual cash in circulation, will make the delivery fixed pattern originally staple plant-wide chain library gradually accepted form of social libraries, increase the goods from the factory to the flow of goods between the terminal number.

In addition, to further optimize the delivery part, but also effective protection of the return on current prices. Consistent with the spot price volatility, futures may reflect the real supply and demand, but also reflects the futures price discovery function.

PTA futures mature experience to draw on staple futures

It is worth mentioning that belong to the polyester chain, PTA already has mature experience in the delivery. Since the PTA futures market, with delivery rules continue to improve, buyers and sellers involved in delivery of the delivery process familiar deliveries PTA also continue to hit record highs.

"As of July this year, the cumulative delivery PTA futures volume reached 977,000 tons, is ZCE warehouse delivery of the largest varieties of deliveries." Liu Siqi said that the current industry acceptance of PTA is increasing, especially in the last two years PTA surplus period, the factory has hedging needs and relieve pressure on the stock, the delivery part of PTA played a role in the reservoir, futures warehouse effectively alleviate the contradiction between supply and demand, to better serve the real economy.

In view Pang Chunyan, PTA futures market nearly 15 years, its industry chain related businesses already have in-depth understanding of enterprise risk management in the business use of the futures market is also very common, especially leading enterprises in addition to the futures market, also actively explore the application of options and other financial instruments.

"Futures market has become an important sales channel business, this trend can be seen from the number of warrants futures." Pang Chunyan said that in industry overcapacity, inventory accumulation period, the number will increase significantly PTA futures warehouse receipts, inventory dominance; industry supply and demand balance period, PTA futures warehouse level is low, mainly sell stock-based enterprise.

Reporters learned that, PTA futures market functions are recognized, and laid a good foundation for the market listing of the industry chain related products, and PTA delivery aspects also mature experience to draw on.

"Belong to the PTA and polyester staple fiber industry chain upstream and downstream products, has a certain relevance in the industrial chain, PTA and staple on the delivery system design also has similarities staple delivery library can also play the function of reservoir buffer supply and demand to a certain extent, ease the pressure on the stock of industrial plants. "Liu Siqi said," for the staple fiber businesses, PTA can learn from the experience deeply involved in the delivery of staple futures trading. "