According to the reporter of Futures Daily, the trading unit of pulp futures contract is 10 ton/lot, the minimum price change is 2 yuan/ton, the price limit is 3% of the settlement price of the previous trading day, the minimum trading margin is 4% of the contract value, the delivery unit is 20 tons, and the contract month is1-65438+February. At the same time, the quality of bleached kraft softwood pulp for physical delivery (hereinafter referred to as bleached softwood pulp) is stipulated in the contract and the delivery rules of Shanghai Futures Exchange, and the risk control measures, settlement rules, hedging transactions and arbitrage transactions are stipulated in the management rules of Shanghai Futures Exchange.
There are many kinds of pulp. According to the relevant person in charge of the last issue, there are five main reasons for choosing bleached softwood pulp as the target of pulp futures contract: First, the products and production processes of bleached softwood pulp are highly standardized, and the "piece" is the basic unit in spot delivery. The production processes of bleached softwood pulp of different brands are basically the same, so the quality can be measured by the same technical index system, which is convenient for quality inspection and warehousing delivery. Second, the bleached softwood pulp has stable performance, is not easy to deteriorate, is convenient for warehouse storage and transportation, and has good delivery conditions, so it is suitable as a futures commodity. Thirdly, the spot market price of bleached softwood pulp fluctuates frequently, with an average fluctuation range of 22.9% in 2008-20 17, and the demand for hedging by pulp and paper enterprises is strong. Fourthly, the spot market of bleached softwood pulp has a certain scale. In 20 17 years, the consumption of wood pulp in China was 31520 thousand tons, of which the apparent consumption of bleached softwood pulp was 81500 thousand tons.
Fifth, the bleaching needle pulp market has a long industrial chain, many participants, a large proportion of traders and is sensitive to price fluctuations. Moreover, the importing countries of bleached softwood pulp are relatively scattered, and the transaction price competition is relatively full.
The variety of pulp futures is physical delivery. According to reports, the designated delivery warehouse is mainly set according to the principle of distribution center and consumption place. According to the relevant person in charge of the last issue, China's important pulp trading ports include Qingdao Port in Shandong, Changshu Port in Jiangsu, Shanghai Port, Huangpu Port in Guangzhou and Tianjin Port, among which the total import volume of bleached softwood pulp from Qingdao Port in Shandong, Changshu Port in Jiangsu and Shanghai Port accounts for about 45% of China's total import volume. At the beginning of the listing of pulp futures, the designated delivery warehouses were mainly located in Shandong, Shanghai and its surrounding areas. In addition, the production of paper and paperboard in China is mainly concentrated in Guangdong, Zhejiang, Shandong, Jiangsu and Henan provinces. Among them, the total output of machine-made paper and paperboard in Zhejiang, Shandong and Jiangsu provinces accounts for about 50% of the national paper and paperboard output. Choosing the location of the delivery warehouse in Shandong, Zhejiang and Jiangsu provinces, where the paper industry is relatively developed, conforms to the requirements of the industry development status, the recent trend of the spot market and the function of the futures market, and also conforms to the principle of setting the delivery warehouse close to the consumption distribution center.
"When selecting the delivery warehouse, we give priority to the warehousing enterprises that have the professional management ability of bulk commodity warehousing, passed the fire inspection of the public security department and have all the conditions for safe production. Moreover, the comprehensive strength of each warehousing enterprise such as asset scale, hardware facilities, throughput, management level and market reputation should have comparative advantages in the local area, and there are no legal risks and financial risks that may affect the delivery safety, so as to ensure the safe and orderly delivery of pulp futures after listing. " The relevant person in charge of the previous issue said that after the listing of pulp futures, the previous issue will pay close attention to the market dynamics, continuously optimize the layout of delivery warehouses according to the trading situation and market demand, and add designated delivery warehouses in due course.
It is worth mentioning that pulp futures adopt the double certification of "quality standard+brand" as the delivery standard. The floating needle slurry used for physical delivery shall meet or exceed the relevant delivery quality regulations, and shall be the designated brand produced by the production enterprise recognized by the Exchange.
Market participants believe that China is the most important growth market for the global paper and printing industry. In 20 17, the output and consumption of paper and paperboard in China ranked first in the world, accounting for about 1/4 of the global total. The pulp industry has a high degree of marketization, diverse market players, frequent price fluctuations and strong demand for hedging. Introducing pulp futures and giving full play to the price discovery and hedging functions of futures market are of great practical significance for improving the pricing ability of agricultural and forestry products enterprises in China and providing risk management tools for related industrial chain enterprises.