Description of cotton futures design
1, transaction unit: conditional weight 5 tons.
Design basis: First, compared with similar agricultural products, cotton has high value. The domestic cotton price is generally around 1.5 million yuan/ton, and the trading unit is 5 tons, and its contract value is about 75,000 yuan per lot, which is basically equivalent to the contract value of other domestic agricultural products. Second, there are many small and medium investors in China's futures market, and the contract value is too high, which will affect the universality of cotton futures trading. Conditional weight (net weight is converted into quasi-weight according to standard impurity rate, and quasi-weight is converted into conditional weight according to standard moisture regain) is used as the standard for calculating weight, and conditional weight is also used as the basis for pricing in spot circulation. Therefore, cotton futures contracts use conditional weight as a measure.
2. Lowest price change: 5 yuan/ton.
Cotton has high value, and the price fluctuates greatly and frequently. The minimum variable price is set as 5 yuan/ton, the variable price of each contract is 25 yuan, the profit and loss of each variable price is 25 yuan, and the handling fee of each corresponding minimum variable price is 12 yuan.
3. Limit of daily price fluctuation: 4%.
Because cotton price is easy to fluctuate, according to the daily price fluctuation limit principle of cotton futures contract of New York Futures Exchange, the daily price fluctuation limit is 4%, which is suitable for the deposit of 7% in general months, which not only ensures a certain fluctuation space of cotton futures price, but also helps to control risks.
4. Contract delivery month: 1, March, April, May, June, July, August and September, 10,1,12. According to the characteristics of cotton production, circulation and consumption, the delivery month of cotton futures contract is determined. In general, cotton is picked in August and September (the cotton production year is September 1 to August 3 1 of the following year), and sporadic new cotton is put on the market in September, and a new cotton warehouse receipt can be formed in June 10, which is convenient for delivery and also conforms to the practice of agricultural product delivery.
5. Delivery grade: It meets the national standard of cotton (fine cotton) in People's Republic of China (PRC) (GB1103-1999). Sawtooth processing is adopted, the quality is above grade 4 (including grade 4), the length is above 28 mm (including 28 mm), and the micronaire value is. It is determined that serrated fine wool white cotton is the main reason for sending cotton. First, the cotton rolled by leather roller has high impurity content; Secondly, except for long-staple cotton, which is still processed by leather roller, most fine-staple cotton is processed by sawtooth.