New Zealand'S Cotton Auction In 2019

Cotton companies involved:

According to the announcement of the State Grain and material reserve bureau and the Ministry of Finance (2019 No. third), the national cotton trading market China reserve grain management group Co., Ltd. and the China fiber quality monitoring center have formulated the "2019 new year round cotton round bid auction transaction method" (see Annex), which is hereby promulgated. In 2019, the implementation rules and the implementation rules for notarization of Xinjiang cotton were issued separately by China Grain Reserve Management Group Co., Ltd. and China fiber quality monitoring center.

Notice hereby.

Annex: new round of bidding for new territories cotton in 2019

National cotton trading market

December 1, 2019

Enclosure:

2019 New Zealand cotton round bid auction transaction method

general provisions

Article 1 in order to ensure that the incoming trading of Xinjiang cotton is carried out in accordance with the principle of "openness, fairness and fairness", the present Measures are formulated in accordance with the contract law of the People's Republic of China and the relevant provisions.

The second method is applicable to the regulation of New Zealand's cotton rotation trading in 2019. The national cotton trading market (hereinafter referred to as the "trading market"), the buyer, the seller and the warehousing warehouse must comply with this approach.

The second chapter deals with time.

The third round of trading is the national statutory working day from December 2, 2019 to March 31, 2020. The specific trading time is 15:00, the transaction begins at 15:00, the countdown begins at 15:15, and the countdown begins at 15 seconds until the closed market.

According to the regulations of the relevant state departments, when the domestic cotton price is higher than the international cotton price (at 1% customs duty) 800 yuan / ton for 3 consecutive working days, it will suspend trading in the fourth working days. When the price difference between domestic cotton and the international cotton price is reduced to 800 yuan / ton, the re entry business will be restarted on the first working day.

China reserve grain management group Co., Ltd. (hereinafter referred to as "China grain storage group"), China reserve cotton Management Co., Ltd. (hereinafter referred to as "China store cotton company"), together with the trading market, is responsible for tracking the difference of cotton price between inside and outside, and on the eve of every working day before 10:00, the cotton price difference between the first and the last working day is announced by the announcement of China cotton flower net and China cotton information network.

Third chapter transaction qualification

The fourth buyer who enters the transaction is the central storage cotton company.

The seller who participates in the round up transaction is a legal person registered by the national market supervision department. The company has good credit standing and no bad management record.

The seller who participates in the round up transaction should be registered as a trading market dealer. If an enterprise has not yet become a trading market dealer, it must go through the formalities of entry into the market according to the relevant provisions of the trading market, and the trading market shall open trading rights accordingly.

Due to the serious violation of these measures and the relevant provisions of the implementation rules of the Xinjiang cotton rotation issued by China grain storage group, the trading market has the right to cancel the seller's qualification to participate in the round trading.

The fifth seller participates remotely in the network through the network. The seller assumes economic and legal liability for all transactions in the trading market.

The fourth chapter deals with transactions.

Sixth rounds of transactions are implemented through bidding transactions.

Bidders' transaction refers to the basic data of pre storage, such as the origin, production year, quantity, quality, delivery warehouse and maximum price, etc., which are announced by the central cotton storage company through the trading market. The qualified sellers choose their own delivery warehouses and make their own price reductions. According to the principle of price priority and time priority, the lowest sale price is entered into, and the two sides sign the purchase and sale contract through the market.

The seventh bid price quotations are 3128B standard grade sawtooth fine cotton, the length uniformity index is U3 file, the breaking strength is S3 gear, the quality of the rolling mill is P2 gear, and the heterosexual fiber content is L file. The seller quotes for the delivered warehouse delivered to the China Cotton Storage Company and the delivery price calculated at the fixed weight.

The number of transactions in bidding transactions is 20 tons, the number of transactions is 20 times.

The maximum price limit of Xinjiang cotton (3128B) is calculated daily.

The eighth auction system has a countdown system, that is, all sellers who participate in the transaction do not propose any new sales quotations within the stipulated time.

The ninth seller has a minimum price of 10 yuan per ton per time.

After the tenth transaction, the seller and the central storage cotton company signed the "central cotton purchasing contract" which was registered and registered by the national market supervision department.

The measurement unit of the eleventh transaction is "ton" and the unit of valuation is "yuan / ton" (including VAT).

The fifth chapter deals with information disclosure.

In the morning of each trading day, the Twelfth Central Storage cotton companies provide information on the origin, production year, quantity, quality, delivery warehouse and ceiling price for the procurement market in accordance with the format prescribed by the relevant departments.

The thirteenth trading markets, together with the central storage cotton company, will publish the information on the origin, production year, quantity, quality, delivery warehouse and ceiling price, etc., to be purchased by the official website (www.cnce.cn), China cotton information network, I cotton net and China cotton net on the morning of each trading day.

If there is a need to suspend trading or resume trading, the trading market will be announced in a timely manner through official website, China cotton information network, I cotton net and China cotton net.

The fourteenth daily purchasing areas, production year, quantity, quality, delivery warehouse and ceiling price are based on the actual data of the trading system.

The fifteenth trading market provides free real time quotes for transactions through the official website of the "New Zealand cotton in 2019" column.

The sixteenth trading market promptly announced the breach of the contract through the official website "Xinjiang cotton rotation" column in 2019, and received public supervision.

The seventeenth trading market will timely submit the results of the transaction to the relevant state departments and the central reserve cotton company.

The sixth chapter is margin and commission.

The eighteenth seller who enters the transaction must deposit a security deposit of not less than 200 thousand yuan in the designated account in the trading market before the transaction. The account of pre dealer dealer trading margin in the trading market is managed by special account.

The trading market only accepts the remittance of the seller's unit as a trading deposit. In order to ensure timely deposit of the margin, the seller should indicate the dealer code and reserve cotton deposit in the remittance purpose.

In the nineteenth transaction process, if the seller's margin is insufficient, the trading market will suspend the seller's transaction until the seller makes up the guarantee that the gold party can open the trading rights.

After the twentieth transaction, the trading market will suspend the margin from the seller's trading margin according to the number of transactions according to the standard of 500 yuan / ton, of which 400 yuan / ton is used as the performance bond, and 100 yuan / ton as the quality margin.

The twenty-first seller shall sign the central cotton purchase contract within 3 working days after the transaction, and submit the information on the storage and batch in time as an appendix. In order to simplify the operation procedures, the seller's contract for purchase of central cotton reserves and the electronic seal on the appendix provided in the transaction market are deemed to have signed the contract for the purchase of central cotton reserves, and the specific procedures shall be carried out according to the relevant provisions of the trading market.

The proposed storage reserve must be incorporated into Xinjiang cotton, which has been included in Xinjiang's professional warehousing supervision in 2019.

The twenty-second trading market releases the seller's margin according to the notice of the central storage company.

The twenty-third transaction market charges 10 yuan / ton (including tax) to the seller. The transaction fee of China Cotton Storage Company is implemented according to relevant policies.

The seventh chapter is delivery and payment settlement.

Twenty-fourth in addition to force majeure, the Seller shall, within the 45 days from the request of the central cotton purchase contract, deliver the cotton that meets the requirements of rotation to the designated delivery warehouse of the central cotton storage company.

The twenty-fifth China fiber quality monitoring center will be sampled and tested in Library 100% according to the relevant requirements, and a notarial inspection certificate will be issued. The cotton warehouses declared in the Xinjiang storage and storage warehouse of the China central storage and storage company will be issued by the China fiber quality monitoring center according to the results of the supervised cotton notarization test of the corresponding batches.

The twenty-sixth central storage cotton company calculates the loan according to the results of the notarization test of the cotton purchase contract of the central reserve cotton and the actual batch of cotton.

During the round, the price difference of the quality of the goods was executed according to the December 2019 quality difference table released by China Cotton Association.

The twenty-seventh delivery process and payment settlement are carried out according to the relevant regulations issued by China grain storage group or China store cotton company.

The eighth chapter is quality and weight disputes and breach of contract.

After the implementation of the twenty-eighth public inspection and the notarization test results, the buyers and sellers can apply for re examination of the proposed cotton. As the buyer, the China Cotton Storage Company will directly reinspect the fiber quality monitoring center of China.

If the seller has any objection to the results of the public inspection, it may submit a re examination application to the trading market, and the transaction market will be transferred to the China fiber quality monitoring center and sent to the central storage cotton company in time. The Xinjiang cotton, which is intended for inspection in the notarization of the notary public, can be applied for reexamination of the weight, color level, mill quality, length, micron value, fracture strength and length uniformity index.

The reinspection procedures and results feedback shall be carried out in accordance with the relevant provisions of the China fiber quality monitoring center.

Transaction market re examination application fax number: 010-88087278; contact number: 010-59338692.

The twenty-ninth applicant should submit the reinspection fee to the transaction market reserve cotton transaction margin account before the application is submitted, or the applicant will ensure that the amount of margin available in the trading market is enough to cover the re inspection fee.

The cost of reinspection and inspection shall be carried out in accordance with the cost and cost standards stipulated in the corresponding provisions of the state cotton notarization inspection fund management, and the transfer cost (40 yuan / ton) that the warehouses cooperate with the re inspection shall be borne by the applicant.

In the thirtieth quality reexamination results, any index of color level, mill quality, length, micron level, fracture strength and length uniformity index exceeds the tolerance range stipulated by China fiber quality monitoring center, and the item will be calculated according to the new notarial inspection results. In this case, the transaction market will refund the applicant except the notarized inspection fee.

The quality and weight re examination results are used as the final payment settlement basis.

The thirty-first clause is regarded as a breach of contract by the seller in any of the following circumstances.

1, within 3 working days after the transaction, the central reserve cotton procurement contract has not been signed, or the information on the storage and storage of the proposed reserve has not been submitted in time.

2. The cotton that meets the requirements of storage and delivery is not delivered to the delivery warehouse within the stipulated time.

3. The final batch of storage and storage is inconsistent with the annex of the central cotton purchase contract.

4. After the relevant units confirm that adulteration is false, or the results of notarization test of cotton storage are not in conformity with the requirement of wheel entry, or if there is contamination or mildew in the inner part of the cotton bag, the seller can not provide cotton that meets the quality requirements of rotation.

5. Failure to deliver according to the quantity stipulated in the central cotton purchase contract.

The cotton quality supervision authority shall be treated according to the cotton quality supervision and management regulations when the seller is found to have serious quality problems such as adulteration.

When the thirty-second seller breaks the contract, the trading market deducts the seller's margin as a penalty for breach of contract, and transfers the penalty to the central grain storage group or the central storage cotton company regularly, and the central grain storage group is handed over to the central finance.

Thirty-third, in order to regulate the seller's behavior, a seller who has participated in the 2019 year's New Zealand cotton rotation has a breach of contract. On the basis of deducting the default margin, he will suspend the transaction for a week and there will be a total of three breach of contract.

The thirty-fourth trading market encourages traders to resolve disputes through negotiation. If they fail to negotiate, they can apply for mediation in the trading market. If negotiation or mediation fails, they can bring legal proceedings to the people's court in the place where the contract was signed.

Ninth chapter supplementary provisions

In the thirty-fifth transaction, when the transaction information is found to be incorrect, it is responsible for the information provided by the central storage cotton company. It belongs to the transaction market data processing error, and is responsible for the transaction market. The return due to the above reasons shall not be regarded as a breach of the seller's agreement.

There are historical debts disputes between thirty-sixth storage warehouses and sellers, and shall not be linked to warehousing business.

In the thirty-seventh delivery process, the validity and validity of all bills are the responsibility of the supplier.

The thirty-eighth trading market will deliver all kinds of bills and invoices to buyers and sellers in time.

During the thirty-ninth rounds of trading, the trading market will publish information on price quotas and transaction results daily.

The fortieth round of trading process is open to the public through various media and is subject to public supervision. Market consultation and telephone number: 4008106850.

The forty-first way is responsible for the formulation and interpretation of the transaction market.

Appendix: calculation formula of central reserve cotton rotation price

Calculation formula of central reserve cotton rotation price

1. this week, the maximum price of the cotton reserve wheel (bid 3128B) = the average value of the cotton spot price index in the domestic market last week (1+2%).

Among them, the cotton spot price index in the domestic market = [China cotton price index (3128B variety) + national cotton price index (3128B variety)] 2.

The quality grade difference is implemented according to the cotton quality difference table published by China Cotton Association.

2. inside and outside cotton price difference = domestic market cotton spot price index - international market cotton spot price index.

Among them, the spot price index of cotton in the international market is the A index (the US dollar / ton) x rate (1+ tariff 1%) x (1+ value-added tax 9%).

The exchange rate refers to the way of Customs taxation. It uses the third Wednesday of the previous month (for example, if a statutory holiday is postponed for fourth Wednesday). The benchmark exchange rate of foreign currency to the renminbi announced by the people's Bank of China.