Exploring The Innovation Path Of Cotton Futures Market

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Xiaobian network to introduce to you is to explore the innovation of cotton futures market through the forum all the records.

Moderator: this forum our guests are: Xinjiang agricultural group north Jiang Nong Jia Le limited liability company chairman Yu Zhanhai, Tianjin Yi Fu Si equity investment fund management company chairman Lin Guangmao, Shanghai Hung Kai Investment Company Chairman Lin Jun, general manager of Everbright futures Tian Ya Lin, Yongan futures financial institutions business headquarters Zhang Jiacheng.

First, let's start with Yu. We have many exchanges that are very sound in the rules and regulations of commodity rules, but many details are still improving.

There is a topic in the cotton market that has always been discussed by the market. It is the futures delivery warehouse, which used to be in the mainland. Recently, the exchange is ready to place the pfer warehouse of the delivery warehouse in Xinjiang for the nearby Xinjiang enterprises or the real economy. Some concrete ideas and maneuverability as well as its significance are given.

Yu Zhanhai: Thank you, Mr. Chen. We also thank Zheng Shang for giving us this opportunity to participate in the forum.

Today, I see many experts and colleagues are very happy. Next, let me talk about the viewpoint of futures pfer department in Xinjiang. We all know very well that Xinjiang cotton occupies a very large leading position in the agricultural economy of Xinjiang. The state has listed Xinjiang as the strategic cooperation area of the national cotton industry, and also the industrial base of high quality cotton.

Xinjiang's cotton has been playing a leading role in its planting scale, including quantity and output, both at home and abroad.

In 2013, the cotton planting area in Xinjiang reached 27 million, and the output was 4 million 500 thousand tons.

The pilot of cotton target price in Xinjiang should be liberalized and liberalized. It should be said that it is a very good thing for Xinjiang's cotton industry.

It is estimated that the output of cotton has reached 4 million 800 thousand tons in 2014, which accounts for more than 70% of cotton in our country.

In response to the national target price reform policy pilot, the Xinjiang Autonomous Region government also set up a leading group of target price subsidies, which involves our development and Reform Commission, supply and marketing cooperatives, Technical Supervision Bureau, Taxation Bureau, industry and Commerce Bureau, and has issued many direct subsidy rules, which re issued qualification for cotton processing enterprises.

Up to now, 700 cotton processing enterprises in Xinjiang have been qualified, and 37 professional warehouses have been issued qualifications.

Our cotton industry in Xinjiang can serve as a reserve base for the cotton futures market of Zhengzhou commodity exchange. However, there are many unfavorable factors that Xinjiang is showing. One is that Xinjiang's sales area from the mainland is about 3000 to 5000 kilometers. Textile enterprises are also very worried about the issue of Xinjiang's delivery and pportation.

The 18 futures delivery warehouses of Zheng Shang are in the mainland. Xinjiang's cotton output has been 4 million 800 thousand tons this year. Now it is also a buyer's market. Many experts have said that the difficulty of selling cotton this year is not easy to break.

If we can adopt hedging in futures, it is also a very good way of selling.

The output of cotton in Xinjiang is so large that there are only about 50 enterprises in Xinjiang directly involved in the futures market, and there are no more than 60 enterprises, and its trading volume is between 3 and 50 thousand tons. The volume of trading of each futures is between 4000 tons and 5000 tons. I think this amount is really poor, and it should be said that the output of cotton is not matched with cotton production.

Seriously restricting the development of cotton futures of Xinjiang enterprises in commodity exchanges. If the newly established cotton futures pfer will fundamentally solve the problem of Xinjiang cotton futures forming warehouse receipts including pportation, the Zhengzhou commodity exchange will substantially increase the number of new cotton enterprises participating in the futures market and expand the number and amount of futures warehouse receipts, and activating the upstream and downstream markets will become a reality.

In recent years, the Zhengzhou Mercantile Exchange has gone to Xinjiang many times, including the leadership of the SFC to Xinjiang research, and the establishment of a cotton futures pfer Library in Xinjiang. The establishment of 3 to 5 cotton futures pshipment repository has been basically established in Xinjiang. I learned from the specific department of Zhengjiao exchange that 3 of the Xinjiang have set up a futures pfer bank to report to the SFC, and once again thank our Zhengzhou exchange.

It can be said that after the establishment of a futures pfer warehouse in Xinjiang, Xinjiang can generate more than 500 thousand tons of cotton futures and sell cotton, and form a futures pfer warehouse in Xinjiang. The Xinjiang futures pfer warehouse can form more than 500 thousand tons of futures warehouse and single cotton pportation. I guarantee that 30 to 40 days Xinjiang's pfer warehouse can be pported to the futures delivery warehouse for delivery.

When Zheng went to Xinjiang to investigate, she said that when establishing a futures pfer warehouse in Xinjiang, Xinjiang's cotton related enterprises were very excited because they solved two major problems: one was to set up a futures pfer warehouse in Xinjiang, and the other reason for the shortage of Xinjiang futures warehouse receipts was to fear that the goods would go to the ground to die. They were worried that the quality of the goods returned to the inner land would be rechecked and the quality failed to quit.

Forming a futures pfer center in Xinjiang can be said to form a seamless alignment with our mainland delivery repository. For example, our new cotton group's pit library and Zhengzhou 432 warehouse will turn cotton into a pfer warehouse to form a pfer warehouse receipt, which improves the efficiency and improves the delivery speed.

In particular, the Xinjiang agricultural material group has a one-time static storage which can reach 700 thousand tons of pit stock. Moreover, we set up a one-time static storage in Yancheng, Jiangsu, which can reach 300 thousand tons of pit stock. This library is built by our own enterprises. This kind of situation is still the only one in the country. In Xinjiang, there are warehouses in the mainland. The two libraries have already been reported by the Zhengjiao exchange. As an aid project for the Zhengjiao exchange, we also promise Xinjiang that this library will serve as a pit repository, and that it will serve as a delivery repository in the Yancheng library.

After Xinjiang cotton enterprises formed warehouse receipts in Xinjiang new town, they avoided many kinds of risks of Xinjiang futures cotton. At the same time, they enjoyed the pportation subsidy of 500 yuan per ton and 200 yuan of Xinjiang futures warehouse cotton.

Finally, we hope this opportunity will enable Xinjiang to set up a futures pfer center in Xinjiang as soon as possible, so as to lay a solid and effective foundation for the development of Zhengshang and Xinjiang's cotton industry, and to provide a better trading environment for the participation of new cotton futures traders.

Moderator: many of us here are engaged in cotton trade. In the past, when many enterprises entered Xinjiang trading, they were worried about the credibility issue, and one was worried about pport problems.

The pport problem exchange puts forward the delivery warehouse. If the buyer carries the pportation, the responsibility is not willing to pay once, because the mainland enterprises are not able to find the door in Xinjiang. Now the exchange puts forward the pfer warehouse of delivery cotton, and then the seller is responsible for pporting the cotton to the designated warehouse. This solves the pportation problem of Xinjiang cotton. It's time to see that my understanding should start from the new trading month. It is not this year. But we still hope that we can get the approval as soon as possible.

Just now the topic is the exchange, and I have another problem below. At present, the cotton in the mainland is a bit out of date. The harvest season is postponed because of climate.

On the other hand, the policy is more or less not yet in place. There are still some lagging behind in our understanding. Therefore, the cotton trade should be said to be a little later than harvest. Our trading price is not only seen but rising. The reason is simply that there is a shortage of demand. In this case, the pportation of Xinjiang is still a bottleneck. What way can Xinjiang cotton be pported to the mainland consumer enterprises after the deal is concluded, can we briefly introduce the situation?

Yu Zai Hai: Chen always mentioned this problem. Let me answer it from two aspects. Five years ago, cotton pportation in Xinjiang was really a bottleneck restricting the sale of cotton. Why is this bottleneck solved now? One is that we have repaired a passenger dedicated line in Lanxi County, releasing 50% of Xinjiang's cargo pportation capacity. This is a news from the Ministry of railways, and is also our personal experience at present.

In the past two years, no matter whether the pport of commodity cotton or the pportation of stored cotton has encountered difficulties in pportation, the railway capability has been greatly improved.

Second countries in order to promote the new cotton sales, from last year we have given us 500 yuan of highway subsidies. It can be said that after the implementation of the highway subsidy, a large piece of cotton resources are pported to the mainland textile factories and the mainland delivery warehouses through the highway. During the peak season of pportation, some of the public pport costs are even cheaper than the railway pportation, because they are door to door services, and the pportation time is short. Through these two conditions, we can solve the problem of our futures warehouse receipt cotton pportation.

Host: next is a legend Lin Guangmao. Let me ask you a question first. Many people want to know what his private life is like. Another question is whether you can help sleep when you have so much money. You can choose one of these two questions.

Lin Guang Mao: helps to sleep.

Moderator: Lin Guang Mao, you may have known and do not know, because he is very young, actually only 28 now. In fact, in 2010 and 2011, we also appreciate that the first agricultural product futures forum of Zhengzhou exchange is cotton. The number of participants in the cotton atmosphere is totally different from our current concept. It is no exaggeration to say that 1500 people are conservative about one thousand and one hundred or two hundred people. The atmosphere and topics are very clear, and they are all bullish. I must say that Lin Guangmaolin is always one of the most profitable adults.

Lin's other private topics are not easy to talk about, and there is not much chance of talking about cotton trading experience, because he is not very revealing.

Lin Guang Mao: Thank you, General Chen. Chen is always my teacher in the cotton market.

Thank you very much for the Zhengzhou commodity exchange. Just now, Chen said that the last forum was not exaggerated, because I attended the forum in the morning, returned to the hotel in the afternoon, and rose in the afternoon. The meeting in the afternoon did not take part in it. The friends next to me could not find me. I said I went back to the hotel, and all the storehouses were bought.

I think this forum is very successful. I think this form of communication is also very efficient, that is, what we hope to get in this, and finally can hear and understand how many things, I think it has a role in the paction.

The topic is to see the development of the cotton market. I don't think you will be very interested in listening to me for a lot of data. I think the development of cotton futures in China started in 2002. Only after the 6 years of cotton futures in Zhengzhou in 2010, the cotton futures market has been very mature. What can I use to judge it? In my opinion, a definition is the pricing power, because I am from the futures department, and the futures function is one of the selling price, one is hedging and hedging function. I think we all understand that there is no problem in the application, and it is very mature to judge whether a variety is very mature, and a big sign is whether the breed is entitled to the international pricing power. Chen said the experience, I dare not say that my experience is very rich, the exchange gave me one.

From the perspective of cotton products, we can see that China has a large output, a large consumption and a large import volume. In fact, it should have a global pricing power for cotton. We said that before 2011, before the country had carried out large scale storage and storage, the market was very market-oriented, and there was not much shadow of the plan. But in recent years, because of the state regulation and control, the function of the market has weakened. It is easy to see that the warehouse receipts in the market are very few.

In 2010, the two criterion I think is the mark of this market maturity, one is that its rule making is very mature, and which aspect is the most important rule making? I think it is the delivery season.

I think that the most important thing for any commodity to see its pricing is to return to its spot property, which is ultimately whether it is reasonable when it is delivered.

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