Yarn Futures Already Have The Basic Conditions For Listing.

Recently, Chinese cotton Spin The "yarn futures expert forum" sponsored by the trade association and the Circulation Association of China Textile Industry Federation was held in Dalian and strengthened in the country. Cotton market Under the new situation of regulating and importing yarn impacting the domestic market, timely introduction of yarn futures to form a fair market price and providing risk prevention tools for enterprises has become the common aspiration of all participating parties.

In recent years, affected by the state Cotton purchase and storage policy The import quota system of cotton and the impact and downstream demand of imported yarn are weak, the appreciation of the RMB exchange rate, the rise of labor costs, and the difficulties in the financing of small and medium-sized enterprises, and so on, and the domestic textile enterprises face many difficulties. According to reports, in the first half of 2012, textile enterprises in some areas lost 2000 yuan in production of 1 tons of pure cotton yarn, and the profits of 105 key enterprises decreased by 52.1% compared with the same period last year. Half of them were forced to stop production because of the high cost.

In February of this year, DAC submitted the application for yarn futures to the SFC, and the development of yarn futures surfaced and received high attention from the textile industry. Representatives from Hubei enterprises said that in the past two years, with the implementation of the State purchasing and storage policy, the price of cotton yarn was out of line with cotton prices. With the continuous downturn of demand and the coming of the off-season, enterprises faced greater risks but no channels to avoid risks. From March 2011 to now, the spot price of yarn has dropped from 25400 yuan per ton to 39200 yuan at the highest time, falling by more than 30%, and the price fluctuation is very intense.

"In the previous market research, we felt that Yarn futures The basic conditions for listing are listed. First, the yarn market is relatively high, the price is fully competitive, there is no market monopoly; the two is the yarns are relatively sound and easy to test; three, yarn futures trading is smooth at present, and there is no policy restriction, "Zhu Beina, President of China Cotton Textile Industry Association, said in introducing yarn futures research.

Wang Tiankai, President of the China Textile Industry Federation, said: "for futures markets, the Federation is more concerned about the attitude of enterprises and whether futures market risks can be effectively controlled. The futures market plays a functional role without speculation power, but the market can not be over speculative. In this regard, the level and ability of risk prevention and control of big business enterprises left a deep impression on us. The next step will be to organize knitted fabrics. Yarn business Continue to conduct thematic studies. It is hoped that the exchange and the Federation will continue to maintain positive communication and in-depth cooperation and further promote the development of related work.

In addition to the characteristics of high degree of marketization and easy standardization, according to the market conditions, the cotton yarn varieties also have the characteristics of large market scale, sufficient delivery capacity, frequent price fluctuation, high regional correlation, convenient storage and transportation, and clear trade flow direction.

DCE set up a yarn futures research team in the second half of 2012 to promote related work. Since the beginning of this year, the stock exchange has worked with the Federation to further investigate and participate in cotton textile enterprises in many provinces and cities. textile industry The industry conference organized by the Federation held a concentrated exchange of yarn futures and spot businesses. At present, on the basis of previous investigations, DAC has preliminarily formed a cotton yarn futures contract and rules design plan, which is being discussed by the forum.

According to the existing plan, the yarn futures contract of the big business office is initially decided to take 32 combs and 40 cotton yarns as the trading target, and the delivery scope is enlarged by increasing the premium. According to the actual market situation and development trend of the spot market, the quality standard of futures delivery is established based on the national standard. According to the spot production characteristics of the spot enterprises, the contract month is set to 12 consecutive months, which facilitates the spot business to guarantee operation.

Li Zhengqiang, general manager of DAC, said, "next, on the basis of fully absorbing the suggestions, DAC will continue to carry out extensive research and demonstration in the cotton textile industry, and further optimize and perfect the contract rules. Yarn variety It can be listed as soon as possible and better serve the industry.