F703 Coffee Activity of Hainan Upper Middle School

On 1995, 65438+February 2 1 day, Hainan Shangzhong announced that the delivery limit of coffee futures contract was expanded from F605 contract (the total delivery volume was expanded from symbolic 1 ton to 1 10,000 ton), and all positions exceeding the delivery limit were forced to be closed according to the weighted average price of all transactions from the delivery month to the last trading day. Since F605, there have been a lot of farce on the coffee varieties of China Commercial Institute, which is different from the coffee market in new york and the futures trading turmoil in China before. Looking back on the coffee F703 incident, on May 6th, after the main parties to the F605 contract set a sky-high price of 422 1 yuan/100 kg, short sellers imported 1.7 million tons of coffee from neighboring countries for delivery. Under the pressure of firm offer, the variety F607 plunged from 3340 yuan to 1, 8 14 yuan, and staged an "evil drama" of "forcing more with empty space". As a result, grabbing a place has become a unique "landscape" of coffee varieties. What's more, in July 1996 and 19, China Commercial Institute announced the implementation of new alternative premium standards for the delivery of F707 and above. The "rule risk" naturally devalues coffee by 30%-50%, and F609 plummets 1 1,000 points to 1 1,349 yuan, and the bulls keep crying. Immediately, the farce of "how to force" was unveiled in lightning speed and delisted at 2680 yuan. 1at the end of September, 1996, and at the beginning of June, 10, the CSRC and the the State Council Securities Regulatory Commission issued a notice to strengthen supervision, and the Chinese Chamber of Commerce immediately announced that the delivery quota would be cancelled as of F7 12. The long and short sides stopped at F6 12 for less than two months, and the gong of F703 sounded again. On the last trading day of 1996, Duofang suddenly attacked and shorted with its strong financial strength and physical chips forcibly taken over by F609 and F6 12. The short position is obviously prepared, and the position jumped from180,000 to 500,000 in three days. A week later, on June 65438+1October 10, both sides agreed to close the position for the first time. Unexpectedly, after the partial liquidation of 1699, the short position was closed at 1749, and F703 overflowed more than 200 points in the next three days, causing dissatisfaction from many parties. From 65438+1October 15, many parties retaliated to recover lost ground, and when1October 30 unilaterally rose to 1882, the empty party closed its position with many main forces again. Many parties have learned the lesson of the first agreement liquidation, and some agreements have closed the daily limit after liquidation. At this time, the Spring Festival holiday is over and both sides are raising funds. Industry insiders predict that a big war is inevitable. Sure enough, on the opening day of 65438+1October 2 1, the short positions counterattacked in an all-round way, and the positions increased to more than 300,000 lots. In the following three days, during the period when the futures price fluctuated greatly, the positions continued to increase. Only two minutes after the opening of 65438+1October 24th, the F703 contract position reached the maximum of 700,000 lots. The China Chamber of Commerce had to suspend trading and introduce the following measures: increasing the margin to100%; After the resumption of trading, the member units will close their positions on their own. Before closing, the contract position must be reduced to 20,000 lots. If there is any excess, the Exchange will settle the excess daily. On the same day, both long and short sides voluntarily closed 530,000 lots. After the transaction, the remaining 5 1 10,000 lots were forcibly closed at the settlement price of 2 1 15. At this point, the F703 long-short war on the disk has come to an end, and the F703 under the disk has naturally become a topic of indignation and helplessness in the futures industry.