The annual hedging function of the hottest PTA fut

2022-08-22
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The hedging function of PTA futures' listing anniversary is beginning to appear

today is the first anniversary of PTA futures' listing. From the perspective of trading, PTA futures has successfully passed the test of the market, and its market scale continues to expand; The market operates steadily, and the futures price truly reflects the supply and demand of the spot market; A number of spot enterprises have actively used this market and effectively played the function of hedging

market participants said that as the first industrial futures successfully listed by Zhengshang exchange, the initial market cultivation of PTA was basically completed, and PTA futures will enter the fast lane of development, which is expected to become a star variety of industrial futures

the market scale continues to expand

since PTA futures was listed and traded on December 18 last year, the trading volume and positions have continued to expand. Over the past year, China's PTA cumulative trading volume recently guided by the comprehensive, harmonious and sustainable scientific concept of development was 9.3189 million hands, the transaction amount was 321.952 billion yuan, and the average daily trading volume was 37600 hands

since September, the trading volume of PTA market has increased significantly. On October 18, the trading volume was 225980, a record high, and the average daily trading volume in November was 134468. Compared with the previous stage, the liquidity of the market has been significantly improved, which basically solves the needs of enterprises or ordinary investors for market liquidity

most market participants interviewed are optimistic about the development prospect of PTA futures market. The person in charge of a futures company in Shenzhen pointed out that the annual demand of 16million tons and the fully market-oriented operation environment have made PTA have sufficient glass fiber storage length and mobility, and have new requirements to develop into a large variety of futures contracts

hedging function plays a significant role

as a critical processing equipment, jiangchanjie, a researcher of GF futures investment research department, pointed out that because the supply is significantly greater than the demand, the performance of PTA phase materials continues to improve, and the price of goods has fallen all the way. Many spot enterprises actively use the futures market for hedging, avoiding the risk of price fluctuations, and PTA futures varieties play a significant role in hedging

according to a person from a futures company in Hangzhou, the business model of PTA industry is to determine the price of raw materials (contract price or market price) first, and then determine the sales price after production. The time difference brings great price risk to the operation. In the second half of this year, when the PTA market exceeded the industry expectations and continued to decline, spot enterprises actively used the futures market to maintain value during the selling period, effectively avoiding risks

data shows that PTA positions have increased rapidly since September, and positions have increased rapidly in a short time. On November 14, the position was 213556, a record high, and the average daily position in November was 158666

according to the relevant person of Zheng Shangsuo, the hedging effect of PTA futures market for the whole spot industry can be simply calculated through the registered volume of warehouse receipts. As of December 7, the number of registered warehouse receipts hit a record high: 50410, 3343 effective forecasts, equivalent to 269000 tons of PTA. If the hedging is sold at the price of 8000 yuan/ton, and the hedging is closed at the price of 7000 yuan/ton, there will be a hedging profit of 1000 yuan/ton in the middle, which can at least avoid 269million market risks for the polyester industry. Therefore, the futures market has gradually become the "reservoir" of the spot market, which indeed plays a role in avoiding the risk of price fluctuations in the spot market

the person pointed out that after a year of market operation, the exchange also found some aspects restricting market participation. The exchange will continue to absorb the rationalization suggestions of the market, take marketization as the guide, choose the opportunity to improve various institutional rules, improve the efficiency of market operation, and create a broader development space for the market

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