Delivery has become an important channel for spot sales

　　 Since the first delivery of the 2105 staple fiber contract, the staple fiber futures has completed the smooth delivery of 3 contracts. After being listed for less than a year, the delivery volume of staple fiber futures has surpassed many futures that have been listed in the same period or even run for many years, and market recognition has continued to increase. The further optimization of the delivery system has effectively guaranteed the return of future prices, and the prices have become more realistic and reasonable. With the continuous improvement of the delivery system and the expansion of market trading volume, the participation of industrial customers in the delivery of staple fiber will also be further increased.

　　Industry participates in active delivery volume and hits a new high

　　 Since its listing in October 2020, staple fiber futures have been running smoothly and the delivery process has been smooth. Among them, the first delivery volume of staple fiber futures reached 4,896 lots, which is the largest number of first delivery lots of existing varieties of ZCE. In the past July, 7110 lots of staple fiber futures were successfully delivered, corresponding to 35,550 tons of staple fiber, and the delivery volume of staple fiber futures contracts reached a new high.

"PF2105 is the first delivery since the listing of staple fiber futures. Regardless of the delivery volume or the participants in the delivery, many industrial customers directly or indirectly participated in this delivery." Dunhe Industrial Stands alone According to Jun, in the process of daily communication with industrial customers, he also found that when short-term staple fiber profits were relatively good, many staple fiber factories sold hedging through futures disks, avoiding the risk of falling staple fiber prices in the later period. ; Some factories have locked in some short fiber processing profits through the futures disk.

　　 Staple fiber futures played its hedging function, and this function was finally realized through delivery.

　　As a short-fiber trading company warehouse, Dunhe Industrial participated in the first delivery of short-fiber futures since the listing of the delivery party. "On the one hand, I want to experience the delivery process of new varieties; on the other hand, considering the gradual increase in the short fiber social inventory in the later period, the epidemic has also restricted part of the market demand. As another sales channel for companies, delivery can help digest companies. Part of the spot position in hand." Shan Lijun said.

"In order to obtain relatively cheap large quantities of goods to broaden the company's downstream channels, we also chose to participate in the first delivery of staple fiber futures in May." Zheng Chen, the relevant person in charge of Ningbo Haitian Tongchuang Industrial Co., Ltd., told Futures Daily Reporter, the delivery effect was good, and it helped the company to obtain relatively cheap sources of goods smoothly, and used this batch of goods to establish cooperation channels with downstream in the next few months.

　　 During the interview, the reporter learned that the same is the purchase delivery party, and the previous period capital also participated in the PF2105 contract.

"In this delivery, we tried various links in the delivery process, including production-oriented factory and warehouse delivery, and trade-oriented factory delivery." According to Gong Xiaogang, executive deputy general manager of Capital Management Co., Ltd. of the previous period, through this delivery, the capital of the previous period was cancelled three times. Fangxiang, Huahong, Huaxi, Yizheng and other multi-brand staple fiber, and have an in-depth understanding of the needs of the staple fiber industry, especially downstream companies’ needs for product brands, quality, production dates, logistics and other aspects, so that they can better in the future. Provide risk management services for the industry.

　　 In the opinion of the interviewees, the delivery volume of staple fiber in July reached a record high, reflecting the industry's increased enthusiasm for participating in staple fiber futures.

"After the successful completion of the first delivery in May, the staple fiber futures completed the entire transaction and delivery process. The exchange’s multi-party online and offline rules training and explanation of the delivery process have also made many industrial customers more familiar with the staple fiber futures delivery process and more industries. Customers are willing to participate in the futures market." said Liu Siqi, an analyst at Tianfeng Futures.

　　 In this regard, Zheng Chen also explained that July corresponds to the off-season of the staple fiber industry. Through the delivery, the factory can effectively eliminate surplus inventory.

　　 Optimize the delivery link and highlight the futures function

During the interview, the reporter learned that the overall delivery of staple fiber futures was smooth and smooth. However, some staple fiber factories have encountered insufficient willingness to register warehouse receipts due to their own storage and capital problems, the number of deliverable brands is not high, and the delivery of credit warehouse receipts The quota needs to be expanded and other issues.

　　 In response to possible problems in the delivery, ZCE has been close to market demand and took multiple measures to provide an effective guarantee for the smooth progress of the delivery.

"Compared with other companies, companies that actively participate in the delivery of staple fiber in cooperation with futures companies can better manage their corporate inventory and maintain a stable flow of their own goods to the market." In Zheng Chen's view, in terms of actual spot circulation, delivery will make The original fixed model of the entire factory warehouse of the staple fiber industry chain gradually accepted the way of the social warehouse, increasing the number of goods circulation from the factory to the terminal.

　　 In addition, the further optimization of the delivery link has also effectively guaranteed the return of futures prices. Futures and spot prices fluctuate uniformly, and futures can reflect the real supply and demand situation and also reflect the price discovery function of futures.

In Pang Chunyan's view, PTA futures has been listed for nearly 15 years, and related companies in the industry chain have already gained a deep understanding of it. It is also common for companies to use the futures market for risk management in their operations. In particular, leading companies are also active in addition to the futures market. Explore the application of financial instruments such as options.

"The futures market has become an important sales channel for enterprises. This can be seen from the trend of the number of futures warehouse receipts." Pang Chunyan said that in the period of surplus in the industry and accumulation of inventory, the number of PTA futures warehouse receipts will rise sharply, and the inventory will become dominant; During the period of industry supply-demand balance, the PTA futures warehouse receipt level was low, and companies mainly sold spot goods.

　　 The reporter learned that the PTA futures function is recognized by the market, laying a good market foundation for the listing of related products in the industry chain, and the mature experience of PTA delivery can also be used for reference.

"Stap fiber and PTA belong to the upstream and downstream products of the polyester industry chain, and have certain relevance in the industry chain. PTA and staple fiber also have similarities in the design of the delivery system, and the staple fiber delivery warehouse can also function as a reservoir. , To a certain extent, cushion the contradiction between supply and demand and ease the inventory pressure of industrial factories.” Liu Siqi said, “For staple fiber companies, they can learn from PTA experience and participate in the trading and delivery of staple fiber futures.”

　　 It is worth noting that the biggest difference between the two in delivery is that PTA uses warehouse delivery + factory delivery, while staple fiber is delivered in the whole factory. "But this does not affect the delivery of staple fiber, and it can also function as a reservoir through futures. When there is high inventory, the liquidity is locked through futures warehouse receipts, so as to avoid malicious competition among manufacturers. When the inventory is reduced, it will be released to the market. It is a supplement to liquidity.” Shan Lijun said.

　 At present, the delivery system close to the spot can make futures prices better reflect the fundamentals, give full play to the price discovery function of futures, and attract more industry and institutional customers to participate in staple fiber futures. "With the continuous improvement of the staple fiber futures delivery system and the expansion of market trading volume, the participation of industrial customers in the delivery of the staple fiber market is expected to continue to increase, and the delivery volume will further increase." Liu Siqi said.