The so-called PVC futures are futures contracts with PVC as the subject matter.
Polyvinyl chloride (PVC) is an important organic synthetic material in China. Its products have good physical and chemical properties and are widely used in industry, construction, agriculture, daily life, packaging, electricity, public utilities and other fields.
According to product classification, PVC belongs to synthetic resins among the three major synthetic materials (synthetic resin, synthetic fiber and synthetic rubber (information and market)), including five general resins, namely polyethylene PE, polyvinyl chloride PVC, polypropylene PP, polystyrene PS and ABS resin.
Brief introduction of PVC
PVC is a nontoxic and odorless white powder. High chemical stability and good plasticity. Except for a few organic solvents, it can resist any concentration of hydrochloric acid, sulfuric acid below 90%, nitric acid below 50-60% and caustic soda below 20% at room temperature, and it is also quite stable to salts. PVC has poor thermal stability and light resistance. When the temperature is higher than140 C, it can start to decompose and release hydrogen chloride (HCl) gas, resulting in discoloration of PVC. Excellent electrical insulation, generally will not burn, can burn on the flame and release HCl, but will go out by itself when leaving the flame, so it is a kind of "self-extinguishing" and "flame retardant" substance. Mainly used in the production of transparent films, pipe fittings, gold cards, blood transfusion equipment, soft and hard pipes, plates, doors and windows, profiled materials, films, electrical insulation materials, cable sheaths, blood transfusion materials, etc.
Polyvinyl chloride is formed by free radical polymerization of vinyl chloride monomer, and the polymerization degree n is generally in the range of 500~20000.
Two. PVC Futures Exchange and Trading Code
PVC Futures Exchange: Dalian Commodity Exchange, trading code: V.
Three, PVC futures standard contract
4. What are the influencing factors of 4.PVC futures price?
1, changes in supply and demand situation
The impact of supply and demand changes on the PVC market mainly includes
Supplier: shutdown and maintenance, start-up of new devices, changes in import volume; Policy production reduction and factory accidents in petrochemical industry
Demand side: downstream product production and low demand peak season. Spring and autumn every year: construction peak season.
Export changes: raw materials and products. The low threshold of downstream industries leads to a large surplus of processing capacity, desalination of peak season, early extension of production cycle, and meager profits of downstream processing industries; Vicious competition leads to the decline of product quality, and the prevalence of counterfeit and shoddy products affects the enthusiasm for use.
2. Changes in raw material prices (calcium carbide, vinyl chloride monomer /EDC)
3. Fluctuations in the international crude oil market
Cost conduction: crude oil is one of the main raw materials of PVC, crude oil-naphtha-ethylene-vinyl chloride -PVC.
When the oil price is relatively stable or fluctuates slightly, it has little impact on the PVC market, and the impact on the cost of PVC is mainly reflected in ethylene (vinyl chloride).
The change of cost advantage: the comparative advantage of oil price and calcium carbide price
Cost balance point: oil price 50 USD/barrel VS calcium carbide 3000 RMB/ton.
Oil prices affect the mentality of market participants.
4. Changes in national policies
Export tax rebate, processing trade restrictions, affecting exports
Import tariff reduction: 6.5%
Restricted use: water supply pipeline, food packaging.
Dumping and anti-dumping: PVC: September 2003, Taiwan Province Province, Japan, South Korea and the United States, etc. Turkey in 2006, India in 2007, South Africa and Brazil in 2008.
Products: plastic (1 1370, 165.00, 1.47%) products such as pipes, profiles, packaging films, packaging bags, toys, lighting, etc.
Financial policy: expected annualized interest rate and exchange rate changes
Starting water injection of pump
The rise of trade protectionism
5. Macroeconomic situation (building materials and real estate, automobile market)
If the macroeconomic situation is good, the demand and consumption of PVC will be good, and the market price will be ideal. Otherwise, it will be worse.
6. RMB exchange rate
7. Transportation and natural disasters
8. Export situation
Verb (abbreviation of verb) PVC trade rules
(A) the deposit system
The minimum trading margin standard for PVC (6045 6045,20.00,0.33%) futures contracts is 5%. The margin for trading new positions is charged according to the trading margin at the time of settlement on the previous trading day. Trading margin shall be managed at different levels. With the approach of the delivery date of futures contracts and the increase of positions, the exchange will gradually increase the trading margin ratio.
(B) the price system
Before the delivery month, the monthly fluctuation of PVC contract is limited to 4% of the settlement price of the previous trading day, and the monthly fluctuation of delivery is limited to 6% of the settlement price of the previous trading day.
(3) Warehouse restriction system
Limited position refers to the maximum number of speculative positions in a contract that a member or customer can hold according to the regulations of the exchange. The same customer has multiple trading codes among members of different futures companies, and the total number of all positions in each trading code shall not exceed the position limit of one customer.
Relevant regulations and procedures for PVC futures delivery
(1) Basic provisions on delivery
1, physical delivery of PVC futures contract.
2. The physical delivery of customers shall be handled by members and conducted on the exchange in the name of members.
3. Individual customers are not allowed to deliver goods.
4. After the closing of the market on the last trading day, all the holders of open contracts will make delivery, and the exchange will implement the "minimum pairing".
Using the principle of "number", the position contract of delivery month is matched by computer. The position corresponding to the trading position of the same customer number is regarded as automatic liquidation, and delivery is not allowed.
5. The flow of VAT invoices is as follows: the delivery seller's customers issue VAT invoices to the corresponding buyer's customers, and the VAT invoices issued by the customers are handed over, collected and verified by the members of both parties, and the exchange is responsible for supervision.
(2) Standard warehouse receipt management
1, standard warehouse receipt generation includes delivery forecast, goods warehousing, inspection, designated delivery warehouse release and exchange registration.
2. Before delivery, the seller must go to the exchange to make delivery forecast and pay a deposit of 20 yuan/ton for delivery forecast.
3. The receiving and delivery weight of the goods shall be subject to the inspection of the designated delivery warehouse, and the warehousing quality shall be inspected by the quality inspection agency designated by the exchange entrusted by the owner.
4. If the delivered goods continue to be delivered in the original designated delivery warehouse, there is no need to apply for delivery forecast, but they must be re-examined according to the futures contract standards.
5. After the goods in storage have been inspected by the designated quality inspection agency, they will be inspected by the designated delivery warehouse and declared to the exchange after passing the inspection.
6. After receiving the complete submission materials, the Exchange shall designate the delivery warehouse to issue the standard warehouse receipt registration application form to members or customers.
7. Members or customers shall go through the registration formalities of standard warehouse receipts at the exchange with the Application Form for Registration of Standard Warehouse Receipts.
8. After the warehouse receipt is generated, it can be used for delivery, transfer, delivery and pledge, and can also be used to offset the futures trading margin.
9. If the PVC produced in China applies for standard warehouse receipt registration, the date of application for registration shall not exceed 120 (inclusive) natural days from the date of the commodity. If the PVC produced overseas applies for the registration of standard warehouse receipt, the date of application for registration shall not exceed 120 (including 120) natural days from the import date of the import goods declaration form (or the entry date of the entry goods filing list).
10, PVC standard warehouse receipt must be cancelled before the last working day of March every year.
(3) Delivery method and process
PVC delivery includes two ways: futures to spot delivery before delivery month (hereinafter referred to as spot delivery) and one-time delivery after delivery.