Yarn Futures Have The Basic Conditions For Listing.

Here world clothing shoes The Xiaobian of the hat net introduced the development of yarn futures, which has already had the basic conditions for listing.

Recently, Chinese cotton Spin The "yarn futures expert forum" sponsored by the trade association and the circulation Federation of China Textile Industry Federation was held in Dalian. Under the new situation of strengthening the cotton market regulation and importing yarn into the domestic market, the timely introduction of yarn futures to form a fair market price and provide a risk aversion tool for enterprises has become the common aspiration of all participating parties.

In recent years, domestic textile enterprises face many difficulties due to the national cotton purchasing and storage policy, the import quota system of cotton and the impact and downstream demand of imported yarns, the appreciation of the RMB exchange rate, the rising labor costs, and the difficulties in the financing of small and medium-sized enterprises. According to reports, in the first half of 2012, textile enterprises in some areas lost 2000 yuan in production of 1 tons of pure cotton yarn, and the profits of 105 key enterprises decreased by 52.1% compared with the same period last year. Half of them were forced to stop production because of the high cost.

In February of this year, DAC submitted the application for yarn futures to the SFC, and the development of yarn futures surfaced and received high attention from the textile industry. Representatives from Hubei enterprises said that in the past two years, with the implementation of the State purchasing and storage policy, the price of cotton yarn was out of line with cotton prices. With the continuous downturn of demand and the coming of the off-season, enterprises faced greater risks but no channels to avoid risks. From March 2011 to now, the spot price of yarn has dropped from 25400 yuan per ton to 39200 yuan at the highest time, falling by more than 30%, and the price fluctuation is very intense.

"In the early market research, we feel that yarn futures are already available. list The basic conditions are: first, yarn marketing is relatively high, prices are fully competitive, no market monopoly exists; two, yarns are relatively sound and easy to test; three, yarn futures trading is smooth at present, and there is no policy restriction, "Zhu Beina, President of China Cotton Textile Industry Association, said in introducing yarn futures research.

Wang Tiankai, President of the China Textile Industry Federation, said: "for futures markets, the Federation is more concerned about the attitude of enterprises and whether futures market risks can be effectively controlled. The futures market plays a functional role without speculation power, but the market can not be over speculative. In this regard, the level and ability of risk prevention and control of big business enterprises left a deep impression on us. The next step will be to organize the post knitting enterprises to continue the thematic study. It is hoped that the exchange and the Federation will continue to maintain positive communication and in-depth cooperation and further promote the development of related work.

In addition to the characteristics of high degree of marketization and easy standardization, according to the market conditions, the cotton yarn varieties also have the characteristics of large market scale, sufficient delivery capacity, frequent price fluctuation, high regional correlation, convenient storage and transportation, and clear trade flow direction.

DCE set up a yarn futures research team in the second half of 2012 to promote related work. Since the beginning of this year, the stock exchange has worked with the Federation to study cotton textile enterprises in many provinces and cities, and participated in the industrial conference organized by the Federation of textile industry. At present, on the basis of previous investigations, DAC has preliminarily formed a cotton yarn futures contract and rules design plan, which is being discussed by the forum.

According to the existing plan, the big business office Yarn futures The contract was initially set up with 32 carpets and 40 cotton yarns as the subject matter of the transaction, and the delivery scope was extended by increasing the premium. According to the actual market situation and development trend of the spot market, the quality standard of futures delivery was established based on the national standard. According to the characteristics of the production of the spot enterprises, the contract month was set to 12 consecutive months to facilitate the spot business's hedging operation.

Li Zhengqiang, general manager of DAC, said, "next, we will continue to conduct extensive research and demonstration in the cotton textile industry on the basis of fully absorbing the suggestions of everyone. We will further optimize and perfect the contract rules so that the yarn varieties can be listed at an early date and serve the industry better."