On November 11th, the cotton yarn futures seminar hosted by Jinshi Futures Co., Ltd. was held in Nantong. The event was co-organized by Zhengzhou Commodity Exchange and Shanghai Cotton Trading Center.
Wei Huangyang, manager of the Agricultural Products Department of Zhengzhou Commodity Exchange, introduced the trading rules of cotton yarn futures and discussed the proposals of enterprises to participate in cotton yarn futures. He said that cotton is the earliest variety listed after the rectification of the futures market and is one of the most mature varieties in the futures market. At this stage, the market scale has steadily expanded, the current price is highly correlated, the price is found to be accurate and efficient, the investor structure is reasonable, and the participation of industrial customers is increasing year by year; the registration amount of warehouse receipts is stable, and the hedging function is effective. After the cotton yarn futures market was listed on August 18 this year, the market is in the process of cultivation. Because cotton yarn is highly correlated, it is believed that the market will perform better. The trading volume consists of 32 carded cotton yarns. The market scale is large, and the amount of delivery is sufficient. It conforms to the product structure of the small and medium-sized enterprises in the market, which is conducive to the discovery of prices and the convenience of enterprise hedging. There are 35 cotton yarn futures delivery warehouses, and there are 7 enterprises in Jiangsu. It is believed that they will play an active role as the market matures.
Wang Qianjin, director of the information department of Shanghai Cotton Trading Center, said in his speech that the logic of cotton yarn yarn price change is that cotton cotton yarn has different driving forces. From the beginning of 2015/16, the global cotton market has lasted for five years, and the production exceeds the surplus situation. For the first time, there is a shortage of production. In 2017/18, the surplus is expected to be over-represented, but the huge inventory is effectively reduced: the global inventory consumption ratio After reaching a high of 100.22% in 14/15, it has fallen back to 76.2% for three consecutive years. This has become the core logic supporting the market. He believes that cotton and cotton yarn prices are strikingly synchronized, but cotton price elasticity is much higher than cotton yarn. Among the cotton yarn costs, cotton accounts for the largest proportion. As a cotton-spun industry with complete market competition, the price of low-end and mid-range products represented by 32 cotton yarns is so high that it is difficult to change the price of cotton.
He believes that in the process of symbiosis and game between cotton and non-cotton fiber, non-cotton fiber has become a trend to replace cotton. Globally, the replacement of cotton by non-cotton fibers is a major trend. Before 2005, cotton accounted for more than 40% of the global fiber ratio. In 2005-2009, the proportion of cotton fell to about 35%. Then it became an important turning point in 2008-2010. As cotton prices soared, the spread of cotton and chemical fiber increased sharply. Accelerated the replacement of chemical fiber for cotton. As of 2016, the proportion of cotton has remained at around 25%. At the same time, industry policies are increasingly close to the development needs of enterprises. Since joining the WTO in 2001, it is now the best time for the textile industry's policy environment. China has made great progress in cotton collection and storage, target price subsidies, import quotas, cotton high-levy low-deduction policies, export tax rebates, etc., and industry policies are increasingly close to the development needs of enterprises. For example, the cotton direct subsidy policy and the dumping policy have caused the domestic and international cotton price gap to be at a historical low level; the Xinjiang support policy has reduced the cost per ton of yarn by 3,000 yuan/ton compared with the mainland.
Jin Junshi, general manager of Zhengzhou's business department, said that when textile companies conduct futures investment to avoid operational risks, they believe that the futures tool broadens the purchase and sales channels of enterprises and expands the operating platform. Enterprises can hedge transactions, hedge their value, avoid unfavorable winds caused by changes in commodity prices, and achieve stable operations and sustainable development. They can also integrate and realize arbitrage. Of course, ordinary investors can conduct speculative trading and make profits. However, enterprises should fully understand the futures trading, delivery system and rules when participating in futures; fully understand the market conditions of the commodities they invest in; respect the market, advance and retreat; be alert to systemic risks and emergencies.
Cotton yarn delivery companies Jiangsu Donghua Textile, Jiangsu Dasheng Group, Shanghai Textile Holdings Dafeng Company and other companies also exchanged information on related delivery warehouses. The participating home textile companies asked about the details of how to integrate with the company's products when participating in cotton yarn futures.
The seminar was located in the International Home Textile City of Dieshiqiao, China. The surrounding tens of thousands of households, including household textiles, especially bedding, consumed the world's largest amount of bedding fabrics and cotton yarns. According to Huang Hui, president of China Railway Haimen Dieshiqiao Logistics Co., Ltd., this year only cross-border trade, the Dieshiqiao International Home Textile City is estimated to reach 3 billion US dollars, more than last year's 2.6 billion US dollars. Sun Yan, secretary-general of the Tongzhou Home Textiles Chamber of Commerce in Nantong, said that it is the world's largest home textile distribution center and concentrates on most domestic home textiles, especially bedding brands. Production and management of bed covers, pillowcases, quilt covers, quilts and other bedding and various household appliances, curtains, cushions, toys and other more than 300 varieties of embroidery. The products sell well in more than 200 cities and regions across the country and are exported to more than 20 countries and regions such as Europe, America, Australia and South Africa.
Editor in charge: Xu Yuehua
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