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Others of cotton futures
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 or leather roller processing, most fine-staple cotton is serrated processing.

1On July 2, 1999, the State Bureau of Quality and Technical Supervision issued a new national standard for cotton (fine cotton) (GB1103-1999), which came into effect on September 0, 1999. According to the new national standard, 328B is the standard grade of refined cotton, so the cotton futures contract is based on domestic 328B.

The results of the annual raw cotton quality survey conducted by Cotton Professional Committee of Fiber Branch of China Standardization Association 1998/99 show that 78. 1% of raw cotton is above Grade III, and the average length of Grade III cotton is 28.58 mm. More than 77% of Grade V cotton has micronaire values of A and B, and the maturity of Grade III and above cotton is obviously better than Grade V, so the micronaire values of cotton are A and B. With the improvement of cotton planting technology and the introduction of new technologies and varieties in recent years, the overall quality of cotton in China has been continuously improved, especially in Xinjiang. At present, the proportion of high-quality cotton production in China's total output is much higher than in previous years.

From the above analysis results, it can be seen that cotton with grade 3 or above, length of 28 mm or above and micronaire values of A and B can fully meet the demand of futures delivery.

Nevertheless, four levels of cotton have been added to the delivery level to allow delivery: ① Drawing on the experience of the United States, the cotton inspection used for futures delivery is stricter than that in the spot market; ② new york Futures Exchange uses 427 cotton as the benchmark delivery variety, and five-grade cotton can be used for futures delivery; (3) Allow the delivery of Grade 4 cotton, so as to avoid the forced warehousing event in special years due to the decrease of the proportion of Grade 3 and above cotton and the decrease of the deliverable quantity. Therefore, the fourth-grade cotton is the "safety valve" for the delivery quantity.

Cotton with a micronaire value of C below Grade 4 also has a certain yield and market share. However, in order to meet the needs of cotton planting structure adjustment, reflect the principle of high quality and good price, and enhance the certainty of products delivered in futures contracts, it is stipulated that cotton with a grade below grade 4 (excluding grade 4), a length below 28 mm (excluding 28 mm) and a micronaire value of C shall not be used for futures delivery.

6. The last trading day and delivery date are the 10 and 12 trading days in the delivery month respectively.

Cotton is packaged and traded in strict accordance with national standards. In inspection, traders can't know exactly the quality of the goods in the package, which is prone to quality disputes. In view of this feature, it is more convenient for investors to implement centralized delivery mode and clearly stipulate the date of the last trading day and delivery day, which is conducive to risk control and market management.

7. Delivery place: delivery warehouse designated by the Exchange.

Physical delivery is carried out in the mainland delivery warehouse designated by the exchange, mainly warehouse delivery, or converting futures into spot and can be delivered anywhere.

8. Transaction cost: 6 yuan/hand. (including risk reserve)

The cotton futures transaction fee stipulated by Zhengzhou Commodity Exchange is 6 yuan/lot, and the specific transaction fee varies from futures company to futures company. European Central Bank President Mario Draghi announced on September 6th that he would implement a bond purchase plan called "Direct Currency Trading". According to the plan, the European Central Bank will buy unlimited write-down bonds to stabilize the market, and the bond term is mainly locked in short-term national bonds with 1-3 years. For the timing of the shot, the European Central Bank said that there is no clear upper limit on the rate of return.

The Federal Reserve announced in the early morning of September 14, Beijing time, that the latest interest rate decision of the Federal Reserve kept the federal funds rate unchanged at 0.25%, and began to purchase 40 billion US dollars of mortgage-backed securities (MBS) every month from Friday, extending the interest rate guidance to 20 15 years.

The above two major international economies have successively introduced further loose monetary policies, and other economies have also adopted loose monetary policies to varying degrees. China has also stepped up its efforts to stabilize growth, and the National Development and Reform Commission has successively approved more than 30 construction projects. The European debt crisis and the trough of the world economy have passed or will soon pass. In the long run, cotton demand will expand with economic improvement and consumer demand growth.