There are sub-forums on PTA and short fiber varieties, and the China (Zhengzhou) International Futures Forum is held in the “cloud”
From September 1st to 2nd, the 2021 China (Zhengzhou) International Futures Forum will be held online. With the theme of “Based on the new stage, implementing new concepts and serving the new pattern – the futures derivatives market supports the highquality development of the real economy”, the forum was organized by the Zhengzhou Municipal People’s Government, Zhengzhou Sponsored by Commodity Exchange and CME Group. The forum includes the main forum and four sub-forums, of which PTA and the short fiber sub-forum are one of them.
Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, said in his speech that after more than 30 years of exploration and development, my country has launched 94 futures and options products, covering major fields of the national economy such as agricultural products, energy, chemicals, and finance, and 9 crude oil futures, etc. Several varieties have been opened to the outside world, and their international influence has gradually increased. As an important part of the country’s modern financial system, the futures market has played a positive role.
Fang Xinghai said that the futures market must insist on including its own development in the overall consideration and planning of building a new development pattern, and insist on putting the promotion of economic stability and health first. The futures market must become an international pricing and risk management platform that serves the domestic market and connects internal and external cycles; it must proactively serve the “dual carbon” goals, empower the country’s green development, and help real enterprises transform into green and low-carbon; it must become an international pricing and risk management platform that serves rural areas. important force in the revitalization strategy.
First, increase market supply. Give full play to the advantages of the futures market and help build a national carbon emissions trading market. We will steadily and prudently advance the research and development and listing of new commodity futures and financial futures products. Steadily expand and optimize “insurance + futures”. Pay attention to the role of option products in risk management and launch more option products.
The second is to improve operational quality. The futures market should increase its services to downstream enterprises and small and medium-sized enterprises, encourage more large-scale industrial enterprises to participate in the futures market, and achieve a joint improvement in the operation quality of the futures market and the risk management effect of industrial customers. We will take multiple measures to attract institutional investors and continue to optimize the market structure. Increase system supply, steadily promote portfolio margin business, and establish an inter-exchange settlement risk isolation mechanism. Further solve the problem of continuous active contracts of key varieties and reduce obstacles for physical enterprises to participate.
The third is to expand opening up to the outside world. Continue to expand the scope of specific open products, broaden the open model, and adopt more bonded delivery and cash delivery models to facilitate the participation of international investors. Pay more attention to the in-depth connection between institutional rules and international markets, further promote the institutional opening of the futures market, and at the same time strengthen cross-border supervision and law enforcement cooperation with overseas regulatory agencies.
The fourth is to ensure a stable and orderly market. “In recent years, we have implemented joint supervision of the futures and spot markets, maintaining the authenticity and fairness of futures prices. The futures market has maintained a stable, active, and orderly trend, providing tools for enterprises to manage risks and supporting the country’s macroeconomic development. Management provides a reference. We must continue to maintain this good situation,” he said.
Xiong Jun, chairman of the Zhengzhou Commodity Exchange, said that in the first half of 2021, Zhengzhou Commodity Exchange ranked seventh in the total trading volume of the world’s major futures and derivatives exchanges released by the FIA, and its international influence is increasing day by day. Currently, the futures derivatives market is facing both rare development opportunities and huge challenges. It is necessary to better exert market functions and improve the level of serving the real economy on the premise of controlling market risks.
It is worth noting that the PTA and short fiber sub-forums were held today.
PTA is one of the downstream products of PX and an important raw material for the production of polyester staple fiber. PX-PTA-polyester is an industrial chain. PTA futures are the “star” variety in my country’s futures market and have been on the market for 15 years this year. PTA futures introduced overseas traders in November 2018, starting the road to internationalization. Since the internationalization of PTA futures, the overall market operation has been stable, industry participation has increased, overseas transactions have continued to increase, and the size of positions has gradually increased. Overseas industrial customers have increasingly recognized PTA futures, and the international influence of PTA futures has increased. The bigger. Short fiber futures were listed on the Zhengzhou Commercial Exchange in October 2020 and are the first futures variety of chemical fiber products in my country. Since its listing, the short fiber futures market has been operating smoothly and its functions are efficient, and it is gradually being accepted and recognized by the industry.
At this sub-forum, representatives such as Wang Guangqian, Research Director of Zhejiang Hengyi International Trading Co., Ltd., Sun Chaowang, Executive Deputy General Manager of Hengli Futures Co., Ltd., discussed the current PTA andpolyester staple fiber The market supply and demand pattern, the overall market situation of the polyester industry chain at this stage, and the ideas for spot companies to effectively use PTA and short fiber futures to comprehensively manage business risks were discussed in depth.
“We must improve the pricing influence of my country’s bulk commodities market in the process of expanding opening up, and focus on taking the lead in making breakthroughs in PTA, crude oil and other varieties from the Asian time zone.” Fang Xinghai explain.
Li Yujing, director of the Petrochemical Division of the China Petroleum and Chemical Federation, said at the meeting that during the “14th Five-Year Plan” period, the global petrochemical industry development center will further shift to China, and my country’s new petrochemical production capacity will account for the world’s new petrochemical production capacityWith more than half of the total, my country’s status as a major petrochemical country will be further consolidated. During the “14th Five-Year Plan” period, the high-quality development of my country’s petrochemical industry requires further improving energy efficiency, reducing energy consumption, optimizing the industrial structure, and promoting industrytransformation and upgrading. “By eliminating backwardness, strictly controlling increments, and optimizing stocks, we will rationally control the scale of new production capacity. For the oil refining industry, the focus is to steadily promote in-depth refining and chemical integration, reduce oil and increase chemicals, and promote the transformation of oil from fuel to chemical raw materials. .” Li Yujing said.
Wang Guangqian said at the meeting that from the perspective of the production cycle of the industrial chain, since the large-scale private refining and chemical projects were put into operation in 2019, the production cycle of this round of refining and chemical projects is now nearing the end. Compared with 2019 and 2020, the current production intensity and production growth rate of large refining and chemical projects are gradually slowing down. With the relative slowdown in the growth rate of new PX and PTA projects, the clearance of old production capacity in the market, and the gradual recovery of terminal demand, the supply and demand pattern in the middle and upper reaches of the polyester industry chain will improve to a certain extent. Industrial chain profits will also enter a new round of growth.
Sun Chaowang said at the meeting that options tools have the advantage of refinement compared with futures. First, options can achieve risk management in different price ranges; second, options can avoid risks while retaining the benefits of directional changes that are beneficial to prices; third, options can provide more refined and differentiated options for different types of enterprises. risk management; fourth, options can create more dimensions and a greater “degree of freedom” experience. However, it should be noted that the volatility of options is not consistent with the volatility of futures. Compared with futures, the protection ratio that options can achieve is relatively low, and the protection time they can provide is relatively short.
According to Yu Xuanfeng, deputy general manager of Zhengzhou Commercial Exchange, in the next step, Zhengzhou Commercial Exchange will focus on the following aspects: First, continue to provide solid industrial services by holding a series of training courses, symposiums, etc. , to help industrial enterprises further understand and use futures; the second is to explore ways to increase short fiber futures warehouse delivery; the third is to strive 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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