In the 15 years since its listing, PTA futures prices have become the benchmark for spot trade pricing
As the first futures product in the polyester industry, PTA futures has been on the market for fifteen years, and its market functions have continued to deepen. The reporter learned from the PTA and short fiber sub-forum of the “2021 China (Zhengzhou) International Futures Forum” held in Zhengzhou yesterday that PTA futures prices have become the pricing benchmark for spot trade.
It is understood that PTA futures have played a positive role in improving the pricing efficiency of the industry, helping to ensure supply and stable prices, and serving the steady development of the industry. At present, more than 95% of spot trade uses futures pricing, and the correlation of PTA futures spot prices is above 0.95. Manufacturing companies accounting for 94% of my country’s total PTA production capacity participate in PTA futures trading. In the evaluation of domestic futures product functions, PTA futures has been rated as the chemical product with the best futures function for many consecutive years. In order to enhance its ability to serve enterprises in the PTA industry chain, in 2020, the Zhengzhou Commercial Exchange successfully listed short fiber futures. Over the past year, the listing of short fiber futures has also achieved initial results. Currently, 10 of the top 15 companies in short fiber production capacity participate in futures. Short fiber futures legal person positions accounted for 59%. The spot price correlation of short fiber futures reached 0.97. The market function of short fiber futures is gradually coming into play, and the market operation situation is steadily improving.
It is reported that in the next step, Zhengzhou Commodity Exchange will work hard to promote the research and development and listing of PX and bottle flake futures, and conduct feasibility studies on filament futures.
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