Analysis of PTA common sense in PTA futures trading operation manual
PTA is the abbreviation of purified terephthalic acid, and it is one of the important bulk organic raw materials. Its main use is to produce polyester fiber (polyester), polyester bottle chips and polyester films, which are widely used in chemical fiber, light industry, electronics, construction and other fields.
PTA is the end product of petroleum, and its raw material is paraxylene (PX for short), while PX is petroleum. PTA is the front-end product of chemical fiber, and the downstream products are mainly polyester filaments, staple fibers and chips (including fiber chips, bottle chips and film chips).
● Margin system
● Warehouse restriction system
Limited position refers to the maximum number of PTA contract positions that members or customers can hold unilaterally calculated by the exchange.
● daily limit system
The price limit refers to the maximum fluctuation range of the daily trading price allowed by the futures contract, and the quotation exceeding this fluctuation range is invalid and cannot be traded. The biggest fluctuation range of PTA futures contract daily price is the settlement price of the previous trading day 4%。
● Physical delivery system
Implement a rolling delivery system. From the first trading day of the delivery month to the trading day before the last trading day of the delivery month, both the buyer and the seller can apply for delivery before 2: 30 pm of each trading day; And complete the delivery according to the prescribed procedures, and concentrate on matching according to the regulations of the exchange after the closing of the last trading day. Three-day delivery is adopted, the first day is the matching day, the second day is the notification day, and the third day is the delivery day.
Futures to spot. Futures contracts can be cashed from the date of listing to the last trading day of the contract. After the buyers and sellers who hold the contract with the same delivery month reach an agreement and fill in the Futures Exchange Cash Agreement Form as required, they will go to the Exchange for approval before 14: 30 every trading day afternoon. After the approval of the Exchange, the future positions held by the Buyer and the Seller for cash conversion shall be closed by the Exchange according to the closing price reached by the Buyer and the Seller after the market closes in the afternoon of the approval date. The transaction price reached by the buyer and the seller shall be within the contract price limit on the approval date.
Note: domestically produced PTA with a production date of more than 90 days and imported PTA with an overseas delivery date of more than 60 days will not be accepted by the warehouse.
● Quality inspection system
The quality inspection of PTA futures delivery products shall be the responsibility of the quality inspection institution designated by the Exchange, and the inspection certificate issued after the inspection shall serve as the basis for this batch of PTA registered warehouse receipts.
Note: domestically produced PTA with a production date of more than 90 days and imported PTA with an overseas delivery date of more than 60 days will not be accepted by the warehouse.
● Other systems
PTA futures also implement basic systems such as large household declaration system, compulsory liquidation system and risk early warning system.
●PTA delivery fees and charges
Storage fee (hoisting and palletizing): 20 yuan/ton; Freight (stacking): 0 yuan/ton;
Deposit for delivery forecast: 30 yuan/ton (goods will be returned within two working days from the date of warehousing completion);
Delivery fee: 2 yuan/ton charged by the exchange (subject to that charged by the futures company);
Storage fee: 0.4 yuan/ton? Day;
Handling fee for warehouse receipt transfer and cash transfer: 1 yuan/ton.
Inspection fee:
Influencing factors of PTA futures price
1. Crude oil price; 2.PX； 3.3 the interaction between. PTA spot price and contract commodity price; 4. Related product MEG5. Changes of downstream polyester load; 6. Raw material inventory of downstream polyester factory; 7.7 of the operating load. PTA device itself; 8. The price of internal and external disks is upside down; 9. Import volume and arrival time; 10. Funds; 1 1. Seasonal factors; 12. Exchange rate change (RMB appreciation); 13. tariff rate; 14. Economic growth rate (GDP); 15. Macro-control and export tax rebate; 16. Terminal requirements; 17. mentality; 18. Force majeure.
2.
PTA Futures Hedging and Speculation
Hedging means that producers and operators buy or sell a certain number of spot commodities in the spot market, and at the same time sell or buy futures commodities (futures contracts) with the same variety, the same quantity and the opposite direction in the futures market, so as to avoid the risk of price fluctuation when adverse price changes occur in the spot market.
Speculation refers to the futures trading behavior in the futures market for the purpose of obtaining the spread income. The most common means of speculation is to use price fluctuations to buy low and sell high to earn contract spreads. The key to the profit and loss of futures speculators is the correct judgment and decision on the market price trend.
Analysis of PTA futures investment prospect
● Zhengshang Institute has standardized and fair management and rich management experience and talents, which has laid a solid foundation for the smooth launch of PTA futures trading;
●PTA market is completely liberalized, and its price is completely determined by the market, which is conducive to better playing the role of PTA futures; PTA quality is stable and consistent, which meets the requirements of uniform quality of futures delivery targets;
● PTA price fluctuates greatly, and the hedging demand of spot enterprises is high;