Interpretation Of "Strengthening Supervision Of Cotton Futures Market" By The NDRC

On the recent "national cotton work teleconference", Lian Weiliang, deputy director of the national development and Reform Commission, made a speech entitled "guiding the market stability and anticipation of the new year's cotton work".

　　 Fourth article And strengthen supervision over the cotton futures market. While guiding cotton enterprises to actively participate in cotton futures, we must crack down on excessive speculation and speculation in the futures market.

Especially for large investors, do not think that money is enough to do whatever they want. Please study the law of futures trading rules while obtaining profits from futures.

2, futures supervision laws and regulations

Crime of Manipulating Securities and Futures Market: Criminal Responsibility: committing this crime shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined or punished; if the circumstances are especially serious, it shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined. If a unit commits this crime, the unit shall be fined, and the person directly in charge and other persons directly responsible shall be punished in accordance with the provisions of the preceding paragraph.

The standard of filing: according to the relevant regulations of the Supreme People's Procuratorate and the Ministry of public security, the securities and futures market should be manipulated, and should be prosecuted for one of the following situations:

Second: alone or collusion, holding or controlling the number of futures contracts more than 50% of the positions held by the futures exchange business rules (more than 7500 cotton positions), and in the 20 consecutive trading days of the futures contract, the number of joint or continuous trading futures contracts has reached 30% of the total volume of the futures contract in the same period; (in the same period, the cotton futures market in 2013 was in a slump, so large traders should pay attention to preventing transaction risks).

　　 Fourth article In the event of a securities transaction between the accounts that are actually controlled, or buying the futures contract by oneself, the volume of the securities or futures contracts will reach more than 20% of the total volume of the securities or futures contracts in the same period of 20 consecutive trading days.

3. Frequent behavior tracking of large household transactions:

According to the survey results of nearly 30 working days held by Zheng Shang's position report, in August 28th, September 1st, September 4th, September 5th, September 18th, September 19th, in which the price plummeted, the turnover was over the same period of 20%. There were a lot of people in the same period. The biggest trading day was (1, Shen Yin 2, Haitong futures 3, Yide futures, 4, Wanda futures).

At the beginning of the opening of September 26th, from the ranking of positions held by Zheng Shang in the post market, a two super large family quickly broke out of their positions. (Guangzhou futures, Shenyin and Wanguo jointly opened up to 25 thousand hands).

Hanging from the limit shows that the short positions have reached more than 40 thousand hands, and the desire for capital flight is very strong. Continue to pay attention to the supervision process of cotton futures market by relevant state departments.

4. Domestic futures market dynamics:

According to the reality of the Zhengzhou Mercantile Exchange's futures hedging scale, the cotton futures price dropped 30 thousand tons to buy the value preservation application, while the short price didn't exist. Apply Forecast.

In September 25th, the position shows that the purchase of Zheng cotton to sell the US cotton fund will be firm. In the early days, a lot of bright Everbright futures were strong enough to cut short lots of backhand at 12900 yuan, and the result was limited trading animals.

The International Cotton Traders' seat sniffed China to guide large enterprises to run 14000 yuan running to acquire Xinjiang lint information, and began to buy 15011505 contracts in a short way.

1411 contract phenomenon:

From the national cotton inspection data in September 28th, we saw a sharp decrease in the same period last year, nearly 100 thousand tons last year and only 7920 tons at present, of which only 102 tons in Xinjiang. The cost of the new flower in the early stage of the mainland is over 15000 yuan and the selling price is 15500 yuan. At present, the price of the 1411 contract is difficult to attract the new warehouse receipt forecast.

The real demand of China will be released after the low price of raw materials and the confidence of the country will be released. Don't forget the 15 day inventory of textile enterprises. The raw material inventory in the normal year is at least 3-6 months. In the annual quota of 894 thousand tons, the Chinese government is fully capable of regulating China's textile manufacturing industry chain. (low prices stimulate the market, expand consumption).

China's cotton purchase market needs confidence guidance in the current period, and fear that futures prices will affect confidence. The essence of futures is the game interest behavior of funds. (China's textile industry chain lacks financial experience and financial strength is not enough).

It is understood that the price of cotton seeds sold by cotton growers in Xinjiang is not equal to the mainstream selling price in the range of 5.8-6.2 yuan. In a small part of the remote areas, because the policy is unknown and how much money is considered to be reduced, it is only 5 yuan to sell at a low price. The policy guidance is very important. It is hoped that the cotton farmers in Xinjiang will get a reasonable return.

As of September 28th, the main cotton areas in the mainland once again experienced continuous rainy weather, and the quality of cotton in the mainland dropped again. The mainland textile enterprises recently went to Xinjiang to acquire popularity.

In the year of cotton transition, cotton farmers will be benefited. The industry of the entire twenty million employment population will meet the demand of relatively low stable raw materials and greet the spring of textile industry.