Short fiber futures contract
Zhengshang Institute has conducted in-depth research on China's staple fiber industry, carefully analyzed the characteristics of staple fiber production, consumption, trade, warehousing and transportation, extensively solicited opinions and suggestions from industrial enterprises, trade associations, member units and investors, and completed the design of staple fiber futures contracts. In the design process of staple fiber futures contracts, Zhengshang Institute has always adhered to the principle of being close to the reality of the spot market, following the rules of the futures market and strictly controlling market risks, which has been recognized by spot enterprises and futures investors.
The table shows the short fiber futures contract of Zhengzhou Commodity Exchange.
Short fiber futures delivery rules
1. Delivery method: factory warehouse delivery.
Short fiber futures are delivered by factories and warehouses. By strictly selecting reputable enterprises as delivery warehouses, not only the quality of delivered goods is guaranteed, but also the safety of futures delivery is guaranteed.
Factory warehouse delivery has the following advantages: first, it guarantees the quality of delivery. In order to prevent investors from participating in the delivery of spunlaced staple products under extreme market conditions, staple fiber futures are delivered by factories and warehouses, which bear all the quality responsibilities of delivered products, which is conducive to increasing the certainty of delivered goods. Second, the registration fee is low. As a factory warehouse, enterprises can use bank guarantee or other forms of guarantee to form warehouse receipts, without stocking in advance, thus reducing the registration cost. Third, reduce warehousing links and reduce distribution costs. In the factory-warehouse distribution, the buyer can pick up the goods directly from the manufacturer or send the delivered goods to the designated place by the manufacturer, which reduces the intermediate transfer and loading and unloading from the manufacturer to the warehouse and reduces the distribution cost.
2. Delivery unit: 5 tons
Short fiber futures delivery unit is set at 5 tons. First, it is consistent with the trading unit and PTA futures delivery unit, which is convenient for investors to understand and remember. The second is to flexibly match the scale of spot trade. In the spot trade of staple fiber, downstream textile enterprises and traders mostly purchase several tons, dozens to hundreds of tons at a time according to their own production scale. The transportation mode is mainly automobile transportation, and the capacity of single vehicle is about 30 tons/vehicle. Choosing a smaller delivery unit is beneficial for the buyer to combine the most economical delivery quantity according to his own purchasing scale and transportation capacity.
3. Delivery level
Benchmark delivery products: semi-dull natural polyester staple fiber with circular cross section of 1.56dtex×38mm and 0. 17, which meets the quality index of cotton-type superior products in Chinese national standard (GB/T 1464-20 17).
Short fiber futures implement brand delivery. The benchmark delivery commodities must be those produced by short fiber production enterprises recognized by the Exchange, and the specific production enterprises shall be announced by the Exchange.
4. Packaging requirements
The packaging and labeling of short fiber futures delivery products shall meet the relevant requirements of national standards (GB/T 14464-20 17), and the outer packaging shall be covered with polypropylene woven cloth and fastened with packaging tape. Each bag of staple fiber shall be marked with product name, specification, grade, batch number, net weight, production date, trademark, product standard number, name and address of the manufacturer, and warning signs for product protection and handling. The packaging specifications are 380 kg/bag, 350 kg/bag and other packaging specifications published by the Exchange.
5. Delivery benchmark price
The benchmark price of staple fiber delivery is the tax-included price (including packaging) of the benchmark delivery goods of futures contracts when they leave the warehouse at the benchmark delivery place.
6. Delivery area
Short fiber futures delivery areas are set in Jiangsu, Zhejiang, Shanghai and Fujian. After listing, the scope of futures delivery will be gradually expanded according to market operation and industrial demand.
Jiangsu, Zhejiang and Fujian provinces are the main production and sales areas of polyester staple fiber in China. 20 19, with Jiangsu accounting for 55%, Fujian accounting for 20% and Zhejiang accounting for 13%, totaling 88%. Primary polyester staple fiber is mainly used for spinning. In 20 19, Fujian accounted for 28. 1%, Jiangsu accounted for 17%, and Zhejiang accounted for 9.6%, totaling 54.7%. Setting three provinces as delivery areas conforms to the spot trade situation and ensures sufficient delivery.
7. Delivery process
It is consistent with the delivery process of the general standard warehouse receipt varieties of Zhengshang Institute.
Introduction of standard warehouse receipt and risk control degree of staple fiber futures
Warehouse receipt registration
When applying for warehouse receipt registration, factory warehouses must provide bank performance guarantee, cash or other payment guarantee methods recognized by the exchange. The warehouse of the staple fiber factory shall submit the application for registration of the warehouse receipt for the delivery of the current month at 3: 00 pm three trading days before the last trading day of the contract delivery month at the latest.
Ordinary warehouse receipt
The short fiber spot market has a high degree of product standardization, and there is no obvious quality difference between products of different brands, which has the spot basis of general warehouse receipts. General warehouse receipt can effectively reduce the logistics cost of the industry. The holder of the general warehouse receipt can choose to cancel any warehouse, which is conducive to achieving the nearest delivery and reducing the long-distance transportation of goods. At the same time, general warehouse receipts can increase the financial attributes of warehouse receipts and reduce the capital cost of enterprises. General warehouse receipts are more liquid, which is conducive to the financing, pledge and repurchase of warehouse receipts, helping enterprises to revitalize existing assets and reduce the cost of capital.
Validity period of standard warehouse receipt
Short fiber warehouse receipt is valid for up to 4 months. Specifically, standard warehouse receipts registered before June, May and September 15 trading day (inclusive) every year shall be cancelled before the trading day 15 of the current month (inclusive).
Cancellation and delivery of warehouse receipts
The cancellation and delivery process of warehouse receipt is the same as that of the existing varieties delivered by warehouse.
When the staple fibers are delivered out of the warehouse, the consignee and the factory warehouse shall conduct weight acceptance, which shall be subject to the weight inspection of the factory warehouse, and the staple fibers shall be delivered out of the warehouse in sufficient quantity.
When the short fiber is delivered, the factory warehouse shall provide the consignor with the ex-factory quality inspection report that meets the delivery standard. The consignor may reject the staple fiber whose production date is earlier than the warehouse receipt cancellation date 120 days (inclusive). Short fibers delivered by factories and warehouses shall not be damaged, wet or seriously polluted.
According to the survey, the quality control of products of large-scale production enterprises is stable and can meet the requirements of national standards, so no inspection is carried out during delivery, and the ex-factory quality inspection report provided by the factory warehouse shall prevail, which reduces the delivery cost of the factory warehouse. If both parties have any quality objections, the delivery party should raise them before the goods leave the warehouse.
Measures for risk control and management of short fiber futures
1. price limit system
The short fiber futures contract stipulates that the daily price limit shall not exceed 4% of the settlement price of the previous trading day. When there is a continuous price limit, the method to improve the stop loss range and margin level is the same as that of the existing varieties. The risk control measures of three consecutive unilateral cities in the same direction are the same as those of existing varieties.
2. Margin system
The following table shows the trading margin standard of staple fiber futures contracts.
The trading margin standard of short fiber futures contracts is managed in three stages according to the time of listing and trading, which is consistent with most existing varieties, that is, the minimum trading margin standard is 5% from the listing of contracts to the15th calendar day one month before delivery; From 16 calendar day one month before the delivery month to the last calendar day one month before the delivery month, the minimum trading margin standard is10%; Within the delivery month, the minimum trading margin standard is 20%.
3. Limited warehouse system
Short fiber futures contracts should limit the proportion. Referring to the practice of existing varieties, members of futures companies are not subject to position restrictions, while non-futures company members and customers are subject to position restrictions as follows:
On the trading day from the listing of the contract to the15th calendar day one month before the delivery month, when the unilateral position of the contract is greater than or equal to a certain scale, non-futures company members and customers will determine the position limit according to 10% of the unilateral position; When the unilateral position of the contract is less than a certain scale, non-futures company members and customers determine the limit position in absolute quantity. See the table below for specific warehouse quota standards.
This table shows the warehouse limit standard (unit: hand) during the 15 calendar day one month before the contract is listed.
See the table below for the warehouse quota standard from the 16 calendar day to the delivery month one month before the delivery month.
The table shows the warehouse limit standard (unit: hand) from 16 calendar day to the delivery month one month before the delivery month.