Not only did it drag down the market by 2%, but its AH stock market value evaporated130 billion. ...
The so-called new year should have a new atmosphere. When everyone was ready to forget all the "bad things" on 20 18, another listed company fell on futures.
The loss amount is 7 1 ten thousand. Although it is a drop in the bucket compared with Sinopec, it is enough to sound the alarm for investors.
Speculation in futures lost 20% net profit.
This unlucky guy's name is Blum Oriental (60 1339), and his main business is the production and sales of various textiles.
Last night, the company issued an announcement to the effect that by the end of 20 18, the cotton futures held by the company had a loss of 7 1087400 yuan.
Of course, the impact of this loss on the stock price is also immediate. Today, Blum Oriental once fell, and finally closed down 4.67%.
Hedging again.
Judging from the announcement of Blum Oriental, the company stumbled in the cotton hedging business.
The interim report of Blum Oriental 20 18 shows that the cotton cost of the company accounts for about 70% of the production cost, and the change of cotton price has a great influence on the company.
In this way, it seems reasonable to hedge costs with bullish cotton futures.
But it stands to reason that the purpose of hedging is to avoid price risk and make spot prices cover each other. However, Blum Oriental "escaped" the loss of 7 1 10,000, which is somewhat incredible.
Let's take a look at the market of 20 18 cotton futures. The first five months were triumphant, but in the second half of the year, cotton futures suddenly changed face and fell by 20% from the highest to the lowest.
This does not make people doubt, during this period, did anyone see the skyrocketing cotton, itch in their hearts, expand long positions, and do hedging speculation?
20 19 be careful that futures continue to break out.
After the Sinopec incident, Changqing, the "father of futures" in China, once said:
"Normal hedging will not cause huge losses. This kind of problem may be that they have made OTC options or made speculative operations in order to pursue profits instead of using futures to hedge risks. "
The definition of enterprise hedging usually meets two conditions:
First, the spot and futures positions of enterprises must be in opposite directions;
Second, the net futures position of an enterprise cannot exceed the total capacity or business plan of the enterprise.
Violating any of them is not called hedging, but actually speculation.
However, in the environment of market volatility last year, it is still possible for enterprises like Blum Oriental to "speculate on futures", resulting in financial losses.
Especially those processing enterprises of crude oil, cotton, soybeans and rare metals, investors should pay enough attention to them.