At 9 o'clock on October 12, polyester staple fiber futures were officially listed on the Zhengzhou Commodity Exchange. After PTA futures has developed into a "star" variety in the chemical sector in my country's futures market, my country's polyester futures sector ushered in another one "new member".

Based on the mature operation of PTA futures and the high correlation between futures prices, after the listing of polyester staple fiber futures, what impact will it have on polyester staple fiber companies and related companies in the polyester industry chain? How should industrial enterprises make better use of futures tools to comprehensively manage business risks?

Active market trading on the first day of listing "good start" boosted market confidence

On the first day of listing of polyester staple fiber futures, the overall market was stable and trading was active. Disk data showed that as of the day's close, 5 short fiber futures listed contracts were all sealed at the daily limit. Among them, the main PF105 contract traded 51327 lots and the open interest was 19,362 lots, showing the characteristics of high activity on the first day of listing.

Regarding the reasons for the "good start", the reporter learned that during the "11th" long holiday just past, sales of polyester staple fiber products were generally good, and corporate inventories fell, and all aspects of data showed good consistency.

On October 9, after ZCE announced that the benchmark price of staple fiber futures contracts was 5400 yuan/ton, the spot market prices continued to rise the following weekend, and the market was generally optimistic about the short-term market prices of staple fibers. On the first day of listing, a number of staple fiber manufacturers and traders participated in the market, and the hedging needs of companies were more urgent.

It is understood that on the first day of listing of polyester staple fiber futures, many upstream and downstream industrial enterprises, including Xiamen International Trade Group Co., Ltd., Zhongji Ningbo Co., Ltd., and Ningbo Hengyi Industrial, actively participated in the transaction. The winners of the first orders in the staple fiber futures industry client transactions were Zhongji Ningbo and Xiamen Qirun Industrial Co., Ltd.

From the current point of view, the companies participating in staple fiber futures are mainly traders and PTA-polyester integrated large companies. They are familiar with the futures market and have flexible investment operations.

"As a circulation-oriented company, we have a wide range of products and a large scale. If there is no good derivative tools, we will face great risk pressure, and companies need to use futures management tools to hedge and protect." Xiamen International Trade Group supplies Said Cai Yingbin, general manager of the chain business department.

Dong Li, general manager of Sinobase Ningbo Polyester Division, said that risk management has brought greater support to the development of the company. "This year, the company focuses on the expansion of the downstream polyester product trade market in the polyester sector. As the first futures product of chemical fiber products, polyester staple fiber provides a good hedging tool for the company's industrial chain expansion. We actively participated in it."

Industrial enterprises actively embrace new tools and seek comprehensive benefits from the "two lines"

Under the current overall economic operating environment that is still under pressure, the polyester staple fiber futures traded actively on the first day of listing, and its "good start" performance has activated the market atmosphere to a certain extent and boosted market confidence for the polyester industry as a whole. , Will benefit the entire industry chain.

Entity manufacturers have two concerns in spot operations. One is that the price will not be high, and the other is that the goods cannot be sold. The two major functions of futures price discovery and hedging actually solve the pain points of enterprises.

"For companies with replenishment needs in the future, buying futures will cost less than direct buying spot. On the whole, with certain price advantages and the fundamentals of improving downstream orders, companies with replenishment needs will buy Opportunities for value preservation.” Pang Chunyan said that the main purpose of downstream companies’ participation in transactions is to hedge, reduce raw material procurement costs, and increase raw material stocking in time when orders improve.

The polyester industry chain forms a "futures sector" to help companies better manage business risks

“The trading activity on the first day of staple fiber futures far exceeded market expectations, the market was relatively liquid, and the types of customers involved were diversified.” Dai Yumin, general manager of the Olefin Division of Yuanda Energy and Chemical Co., Ltd., said that the listing of staple fiber futures is well established. The channel between the raw materials and products of the polyester chain has been realized, and the product interaction between TA and PF has been realized, so that industrial customers have more opportunities to use futures tools. In the later period, as market participation becomes more extensive, the participation of upstream and downstream of the industrial chain will also be deeper and more professional.

The relevant person in charge of ZCE said that the listing of staple fiber futures is of great significance to building the futures sector of the entire polyester industry chain. After the listing of PTA futures, after 14 years of meticulous cultivation, it has a solid foundation, and it can be said that it has "deep roots and strong leaves". On this good foundation, ZCE started from the actual needs of industrial enterprises, from point to line, and then to the surface to lay out and build the entire polyester futures category, continuously improve the polyester category, and better serve the entire polyester. Industry chain.

Industry insiders pointed out that my country's chemical fiber production and consumption are the world's largest. With the help of polyester industry chain futures, the entire industry has the ability and confidence to build a global polyester product pricing center. The abundant polyester futures sector will improve the overall level of serving the polyester industry, and more comprehensive risk management tools will escort the polyester industry and enhance the overall influence of my country's polyester industry in the global polyester market.

"I look forward to the guidance of staple fiber futures, which will promote the industry to a new level of development in the mutual promotion of domestic and international double cycles." Cai Yingbin said.