What Will Be The Impact Of The New National Standard And The New Delivery Rules On The Market?

< p > in order to promote the development of modern agriculture in China and realize the comprehensive integration of the a href= "http://www.91se91.com/news/index_c.asp" > cotton < /a > quality inspection index system and testing method with the international practice, meet the development requirements of the modern textile industry and promote the healthy development of cotton flower industry in our country, after the scientific research and demonstration by relevant state departments, the new national standard of cotton in China (GB 1103.1-2012 cotton first part: sawtooth processed fine cotton) has been released recently.

At the same time, Zheng Shang also quickly introduced the cotton futures contracts, delivery rules and standard warehouse receipt management methods that are in line with the new national standard.

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< p > < strong > 1. The grade examination standard is raised, and the difficulty of warehouse receipt registration is increased. < /strong > < /p >

< p > < a > href= > http://www.91se91.com/news/index_q.asp > cotton new national standard < /a > the core content of the reform is to change the grade of cotton from the original grade to the color level, and increase the color level, the quality index and testing method of the rolling mill, and make clear that the relevant clauses of the color level are mandatory clauses.

The grading method of the new national standard is to change the past 7 grades into 4 types and 13 color levels.

Compared with the old national standard, the rolling mill quality, fracture strength and length uniformity are increased by 3 items.

The new quality standard indicators are embodied in 7 parts: color level, length, length uniformity (U), micron value, fracture strength (S), rolling quality (P) and foreign fiber.

In this way, the grading in the new standard is no longer a one-to-one correspondence with the grades in the old standard, and the old standard can not be operated under the new standard. The past experience tests that the grade method is no longer valid, and the old registration, delivery and discount calculation methods are no longer applicable. Enterprises must restructure the new quality inspection and evaluation system according to the new national standard and adapt to the new warehousing, delivery, outgoing, quality inspection standards and processes.

It is necessary to have a pitional period whether from spot trading, futures trading practice or customary adjustment, or even to pay a certain paction < a href= "http://www.91se91.com/news/index_cj.asp" > cost < /a >.

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< p > new national standard, color level test has sensory inspection and large capacity fast cotton fiber tester two ways.

From the pilot situation, color level inspection is divided into three parts: acquisition link, processing link notarization test and directional examination for special purpose.

According to the color level physical standard, cotton processing enterprises carry out color grading sensory inspection on the small sawtooth trial cotton linen according to the color level physical standard, carry out trade settlement according to the color grading test results, and carry out grading and stacking according to the color level and length.

In the process of processing, cotton processing enterprises carry out production, processing and internal quality control according to the color grading requirements. According to the requirements of the cotton quality inspection system reform, they will be sampled by packet and sent to the designated professional inspection institutions for notarization inspection, and trade settlement will be conducted according to the notarial inspection results.

In the specific orientation test, the professional inspection institutions of the producing areas shall carry out notarization inspection on the samples submitted by the cotton processing enterprises according to the "cotton color grading inspection technical specification", and issue a notarial inspection certificate.

The professional textile inspection institutions selling the home made zigzag cottons made by the non pilot processing enterprises purchased by the textile enterprises shall be notarized and inspected according to the approved cotton batches. After examination and approval by the MFN, they will be inspected and issued notarial inspection certificates according to the "cotton color grading inspection technical specification".

From the link of futures cotton warehouse single cotton registration, the similarities between the new GB and the old GB are that the designated cotton delivery warehouses designated by Zheng Shang are allowed to store the standard and substitute products that meet the requirements of Zheng Shang's delivery. If the batches of cotton have been inspected by the competent departments and have corresponding certificates, there is no need for re inspection.

For a party with special requirements to be re examined, the execution procedure under the old and new standards is the same.

It can be seen that the cumulative complexity of the color level test for futures cotton registration and delivery is whether the processing links are carried out for inspection and inspection fees, and whether the package inspection is required or not.

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< p > from the aspect of quality inspection of rolling mill, the new national standard is divided into three grades: good, medium and poor according to the roughness of the appearance of the lint, the type and quantity of the defects.

Good lint appearance is smooth, cotton layer is fluffy and even, fiber entanglement is low, fiber seed chips are few, neps are few, sterile seeds and broken seeds are few, and silk, soft seed epidermis and stiff pieces are few.

The middle grade lint has a smooth surface, a uniform cotton layer and a general degree of fiber entanglement.

The appearance of uneven cotton lint is uneven, uneven cotton layer and high degree of fiber entanglement.

The quality inspection of rolling mill is mainly based on sensory test. Because the parameter item of the new national standard grade index is larger than that of the old national standard, the human factor is partly offset, and the impact on cotton quality rating is not large.

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< p > the test of fracture strength and length uniformity adopts HVI instrument test, which reduces the interference of human factors compared with the original non instrument test. It is more strict and more inhumane than the original test. This is quite different from the old practice. It has imposed mandatory restrictions on the participants in registration or trading, and has also increased the participation threshold of the sellers. To some extent, it may reduce the number of registered warehouse receipts and stimulate the growth of market speculation components, which is not conducive to the price discovery function in the futures market.

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< p > < strong > two. Benchmarking and replacement of the standard of delivery products to improve the difficulty of generating warehouse receipts while also conducive to circumvent the risk of international cotton market < /strong > /p >

< p > because the new national standard has made amendments to the cotton grade standard, Zhengshang has made corresponding amendments to the standard of the cotton production and replacement of the cotton benchmark.

From the notice of Zheng Shang on the announcement of the first cotton futures contract and related business rules, the cotton base delivery products in Zhengzhou period will be revised from the original "328B grade domestic serrated fine white cotton" according to the "People's Republic of China national standard cotton fine cotton (GB1103-2007)" as "meet the 3128B grade specified in GB1103.1-2012" first parts of cotton: sawtooth processing fine staple cotton ", and the length uniformity is U3 file, the breaking strength is S3 file, and the quality of the rolling mill is P2 cotton.

The third grades (two) of the clause four (two) have accumulated grade four and above, with a length class of 28 millimeters and above. The domestically produced saw toothed white cotton with a grade of Grade A and grade C2 can be replaced by "GB1103.1-2012" cotton first parts: zigzag fine staple cotton. The color level is 11, 21, 41, 12 and 22. The average length is 27mm, 29mm and above. The length uniformity is U1, U2 and U4 files. The main micron level is grade A and C grade C2 file. The fracture strength is S1, C2 and stall, and the quality of the rolling mill is "stalls" and "stalls". The substitute products shall be subject to the original provisions "in line with the People's Republic of China national standard cotton fine cotton" (GB1103-2007).

Such modifications will be more meticulous and stricter than the original standards, and will be more conducive to the production needs of textile enterprises.

The impact on futures delivery is manifested in the following aspects: firstly, the grade standards in the original benchmark delivery products are no longer used in new benchmark products, the human factors are reduced, and the pparency has been improved. It is difficult to register the warehouse receipts and become the delivery items by relying on human feelings.

Two, the introduction of the new delivery rules enables the domestic futures cotton quality inspection system to merge with the international cotton quality inspection system, creating conditions for futures cotton to participate in international trade, and also creating conditions for the international cotton to participate in the domestic futures market delivery.

This provides an opportunity for the relevant enterprises to carry out cross market hedging of cotton and to avoid risks in the international market, and also conducive to the advancement of the internationalization process of Zheng Shang.

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< p > < strong > three. The change of the main grading and grading method of cotton in the new delivery rules adds variables to the delivery < /strong > < /p >.

The new rules of < p > are graded according to the color grade and the proportion of the rolling quality.

There is a main color grade cotton premium of 100 yuan / ton.

Cotton with no main color level is used to mark the color level with the largest color level.

After the new cotton national standard was used, it changed from 7 previous grades to 13 color levels. The more color level reduced the proportion of cotton with main color grade, and the proportion of cotton without main color grade might increase, so the exchange will have 100 yuan / ton of main color grade cotton water.

No main color grade cotton will no longer be used to produce settlement level, but will be graded directly to the spot market.

According to the color level definition standard, whether it is in accordance with physical standards or according to sensory testing, the color level of cotton is mainly determined from a subjective point of view, and human factors occupy a larger part.

And the definition of color grade premium has also appeared in the same situation as human factors.

Judging from the quality of the rolling mill, the new national standard defines the quality of the rolling mill as "the rough appearance of the cotton lint and the types of defects contained after the seed cotton is processed", that is, the quality of the rolling mill is a comprehensive judgement of the rough appearance of the cotton lint and the types of defects contained in the lint.

Judging from the quality inspection method of rolling mill stipulated in the new national standard, it is mainly based on physical standard and sensory judgment, which also has thousands of thousand problems.

How to solve these problems can only rely on future exploration.

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< p > < strong > four. Revising the provisions of the upgrading of the partial delivery library is conducive to promoting the market function, < /strong > < /p >

< p > the Xinzheng cotton merchants contract No.1 Cotton replacement contract has been revised and revised according to the new national standard. It has made specific and scientific regulations from 7 aspects, namely, color level, length, horse value, fracture strength, length uniformity, rolling quality, and foreign fiber. It also cancelled the three inland delivery libraries of Hubei Yinfeng, Hubei Reserve Materials Bureau, Hunan Yinhua modern agricultural logistics and so on, so that three cotton standard warehouse receipts were no longer premium.

From the history of the futures cotton trade in 2004, two provinces in Hubei and Hunan, especially Hubei Province, have the historical tradition of operating warehouse cotton. The registered warehouse receipts in the two delivery warehouses in Hubei are generally in a relatively advanced position.

The first reason is that Hubei's cotton futures have a large number of customers and are involved in futures.

Two, the Hubei Provincial Agricultural Development Bank has made great efforts in supporting the local cotton enterprises for cotton purchasing processing and supporting cotton enterprises to enter the futures market hedging, and objectively enhanced the power of local enterprises to register cotton warehouse receipts.

Under such circumstances, canceling the cotton warehouse receipt discount rules of the two provincial delivery warehouses can stimulate the enthusiasm of cotton processing enterprises for acquisition, processing, production and warehouse receipt registration, and objectively play a positive role in protecting cotton growers in two provinces and even surrounding provinces. It has a greater contribution to increasing the income of farmers in the locality and promoting the construction of modern agriculture.

At the same time, this way further reflects the intention of Zheng Shang to serve the real economy.

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< p > in short, the new national standard and the new delivery rules will help improve our cotton quality standards, benefit the integration with international standards, and facilitate the internationalization of the futures market. At the same time, there may still be some new problems and new challenges. We need to seriously explore in the future trading practice, constantly revise, grow and shorten, and seek advantages and avoid disadvantages.

Only in this way can we truly play the positive role of the new national standard and promote the orderly and orderly development of the cotton futures market.

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