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“The futures prices of domestic LLDPE, PTA and other chemicals have become the main reference for our sales and procurement. Indicated. Recently, due to factors such as the macroeconomic situation, the fluctuations in prices of chemical products have increased significantly. The risk of violent price fluctuations has begun to affect the daily operations of companies and has increased the company's operating risks.
It is understood that in the past week, the prices of chemical products in the futures market have fluctuated sharply, Dalian LLDPE and PVC have been actively traded, and price fluctuations and changes have caused market participants to blunder. LLDPE main contract last Monday rushed to 14,280 yuan / ton, as of late yesterday to close at 11,755 yuan / ton, up and down the price changes to 2,525 yuan / ton. Obviously, within a short period of one week, any company experiencing such a large price volatility of products will be a test for its risk control system and daily business operations.
The futures market is not only a “wind indicator†for the procurement of raw materials for enterprises, but also provides a channel for companies to avoid risks and manage their operations steadily. "Because the current linkage is more and more obvious, the price changes in the futures market provide a safe haven for the company's daily business activities." Wu Cheng, head of the spot trading department of Shanghai Hongkai Investment Co., Ltd., Wu Cheng? For example, because of the fluctuation in the spot market price that lags behind the futures price, once the futures price increases more than the normal market range, the company chooses to sell part of the spot position in the futures market to prevent the price from falling to the enterprise.
“In the case of PTA and cotton, for example, they can be used as alternatives to each other. When domestic cotton prices rose sharply in the earlier period, some companies turned to chemical products such as PTA as alternative raw materials. Given that cotton prices have risen too high, prices of PTA varieties have increased. Relatively limited, the company chose to buy PTA futures to maintain the value of the follow-up supply contract.†He Hua, head of Henan Tongzhou Cotton Trade Department, also said that chemical futures varieties have become the main channel for companies to avoid risks.
Since the listing of LLDPE, PTA, PVC and other chemical products, many companies have successfully used the futures market to achieve safe-haven and stable spot operations. Data show that as of June 2010, there have been more than 810 spot companies and 580 spot companies participating in the DDL E&D PVC futures, and many companies have obtained good hedge effects through futures hedging transactions.
Obviously, the chemical products related to the futures market have become an important reference and a safe haven for the daily operations of spot companies. According to Zhu P, deputy director of the Information and Marketing Department of the China Petroleum and Chemical Industry Association, many domestic companies are using futures market related trading products to evade business risks, and the futures market has become the main reference for pricing of related products in the spot market. “As CNOOC Tianjin Sales Co., Ltd. did a better job in hedging the futures market, it generally sells a portion of related products in the futures market when the price increase is high. It locks profits on the company’s inventory, and at the same time, through regular reference to the futures market, The price of some chemical products in the spot trading market was adjusted to the company's shipping price."
"At present, the company's PE stocks are closely integrated with the futures market. By analyzing the spread of the current futures contracts, combined with the company's spot operating contracts and import and export schedules, we will adopt differentiated strategies in futures and spot goods, thereby reducing company stocks. And long-term contract risk.†Zhang Wenmiao also told reporters that the Daicel LLDPE futures contract as an example, the company took the main contract 1105 opening price as the day of the shipping quote, once you see a clear decline in disk prices, it is appropriate to adjust Lower the price of goods, leading the industry's offer, in order to quickly sell inventory, to prevent the loss of prices continue to fall.
All of the above mentioned that the chemical products of the futures market have become the “wind vane†of the spot market. With the maturity of the chemical products in the domestic futures market, the intensity and depth of the participation of chemical industry enterprises in the futures market will be strengthened, and the use of the futures market to circumvent corporate risks and guide the spot The way of trade has also gradually deepened and matured.
It is understood that in the past week, the prices of chemical products in the futures market have fluctuated sharply, Dalian LLDPE and PVC have been actively traded, and price fluctuations and changes have caused market participants to blunder. LLDPE main contract last Monday rushed to 14,280 yuan / ton, as of late yesterday to close at 11,755 yuan / ton, up and down the price changes to 2,525 yuan / ton. Obviously, within a short period of one week, any company experiencing such a large price volatility of products will be a test for its risk control system and daily business operations.
The futures market is not only a “wind indicator†for the procurement of raw materials for enterprises, but also provides a channel for companies to avoid risks and manage their operations steadily. "Because the current linkage is more and more obvious, the price changes in the futures market provide a safe haven for the company's daily business activities." Wu Cheng, head of the spot trading department of Shanghai Hongkai Investment Co., Ltd., Wu Cheng? For example, because of the fluctuation in the spot market price that lags behind the futures price, once the futures price increases more than the normal market range, the company chooses to sell part of the spot position in the futures market to prevent the price from falling to the enterprise.
“In the case of PTA and cotton, for example, they can be used as alternatives to each other. When domestic cotton prices rose sharply in the earlier period, some companies turned to chemical products such as PTA as alternative raw materials. Given that cotton prices have risen too high, prices of PTA varieties have increased. Relatively limited, the company chose to buy PTA futures to maintain the value of the follow-up supply contract.†He Hua, head of Henan Tongzhou Cotton Trade Department, also said that chemical futures varieties have become the main channel for companies to avoid risks.
Since the listing of LLDPE, PTA, PVC and other chemical products, many companies have successfully used the futures market to achieve safe-haven and stable spot operations. Data show that as of June 2010, there have been more than 810 spot companies and 580 spot companies participating in the DDL E&D PVC futures, and many companies have obtained good hedge effects through futures hedging transactions.
Obviously, the chemical products related to the futures market have become an important reference and a safe haven for the daily operations of spot companies. According to Zhu P, deputy director of the Information and Marketing Department of the China Petroleum and Chemical Industry Association, many domestic companies are using futures market related trading products to evade business risks, and the futures market has become the main reference for pricing of related products in the spot market. “As CNOOC Tianjin Sales Co., Ltd. did a better job in hedging the futures market, it generally sells a portion of related products in the futures market when the price increase is high. It locks profits on the company’s inventory, and at the same time, through regular reference to the futures market, The price of some chemical products in the spot trading market was adjusted to the company's shipping price."
"At present, the company's PE stocks are closely integrated with the futures market. By analyzing the spread of the current futures contracts, combined with the company's spot operating contracts and import and export schedules, we will adopt differentiated strategies in futures and spot goods, thereby reducing company stocks. And long-term contract risk.†Zhang Wenmiao also told reporters that the Daicel LLDPE futures contract as an example, the company took the main contract 1105 opening price as the day of the shipping quote, once you see a clear decline in disk prices, it is appropriate to adjust Lower the price of goods, leading the industry's offer, in order to quickly sell inventory, to prevent the loss of prices continue to fall.
All of the above mentioned that the chemical products of the futures market have become the “wind vane†of the spot market. With the maturity of the chemical products in the domestic futures market, the intensity and depth of the participation of chemical industry enterprises in the futures market will be strengthened, and the use of the futures market to circumvent corporate risks and guide the spot The way of trade has also gradually deepened and matured.
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