Lead: On November 2, the Shanghai Futures Exchange issued a pulp futures contract and related rules. There are two points on the pulp futures contract and its related business rules, which are different from other futures varieties. One is that the pulp futures trading unit is 10 tons per lot, and the delivery unit is 20 tons per standard warehouse receipt weight (air dry weight), of which “dry weight "The concept is different from other futures varieties. Secondly, pulp futures adopts the “quality standard + brand†dual certification as the pulp futures delivery standard.
Pulp futures contracts and related rules are officially released
On November 2, the Shanghai Futures Exchange issued a pulp futures contract and related rules.
According to the announcement of the official website of the previous issue, the contracts and rules issued this time include the Shanghai Futures Exchange Bleached Sulfate Softwood Futures Contract and the Shanghai Futures Exchange Settlement Rules, Shanghai Futures Exchange Delivery Rules and Shanghai Futures Exchange Risk. Amendments to the Regulations on Control and Management, "Administrative Measures for Hedging Trading of Shanghai Futures Exchange", "Administrative Measures for Arbitrage Transactions of Shanghai Futures Exchange".
According to the content of this release, the trading unit of the pulp futures contract is 10 tons/hand, the minimum price is 2 yuan/ton, and the range of the price limit is ±3% of the settlement price of the previous trading day and the risk control of Shanghai Futures Exchange. The relevant provisions of the Administrative Measures, the minimum trading margin is 4% of the contract value, the delivery unit is 20 tons, and the contract month is January-December. At the same time, the contract and the "Shanghai Futures Exchange Delivery Rules" regulate the quality of bleached sulfated softwood pulp for physical delivery, "Shanghai Futures Exchange Risk Control Management Measures", "Shanghai Futures Exchange Settlement Rules", "Shanghai Futures" The Measures for the Management of Exchange Hedging Transactions, “Administrative Measures for Arbitrage Transactions of Shanghai Futures Exchangeâ€, regulate the relevant wind control measures, settlement, hedging and arbitrage transactions of pulp futures.
Market analysts believe that China is the most important growth market in the global paper and printing industry. In 2017, China's paper and paperboard production and consumption ranked first in the world, accounting for about a quarter of the global total. The pulp industry has a high degree of marketization, diverse market players, frequent price fluctuations, and strong demand for corporate hedging. Introducing pulp futures and exerting the price discovery and hedging functions of the futures market have important practical significance for enhancing the pricing power of China's agricultural and forestry products enterprises and providing risk management tools for related industrial chain enterprises.
The relevant person in charge of the previous issue explained: What should the paper industry chain enterprises pay attention to?
A few days ago, the relevant person in charge of the Shanghai Futures Exchange accepted media interviews on issues related to the listing of pulp futures. Through interviews, we can have a deeper understanding of pulp futures.
Q: Why do you want to launch pulp futures?
A: Papermaking is one of the important basic industries in China. The price fluctuation of paper products is related to the development of related industries and the daily lives of the broad masses of the people. In 2017, China's paper and paperboard production and consumption both ranked first in the world, accounting for about a quarter of the global total, and a total of 6,681 paper and paper products enterprises above designated size. Pulp is the main raw material for the paper industry, and the healthy development of the pulp market is critical to the paper industry.
Since the end of 2013, we have established a pulp futures research and development working group. In 2014, we signed a strategic cooperation agreement with the China Paper Association to actively promote the research and development of pulp futures, mainly based on the following considerations:
First, the current domestic pulp market lacks a centralized and efficient quotation mechanism. The listing of pulp futures will help to form a broadly representative pricing mechanism in the country, improve the circulation efficiency of the market, and promote the steady development of spot trade.
Secondly, China's paper industry's "13th Five-Year" development opinion pointed out that during the "13th Five-Year Plan" period, China's paper industry industry faced fierce competition in global resources, markets and capital, and the green barriers to product trade were more obvious. Significant changes in resources, environmental bottlenecks and consumption patterns will urge the paper industry to follow a green development path. Practically transforming the development direction requires not only technological innovation, equipment transformation, but also the fine management and risk management of enterprises. After the pulp futures are listed, they will give full play to their price discovery and hedging functions, help enterprises optimize resource allocation, provide strong guarantee for business decision-making, expand the company's ability to enhance innovation, strengthen energy conservation and emission reduction, and help the industry to develop sustainably.
Third, because the paper industry is characterized by capital intensiveness and technology intensiveness, pulp and paper enterprises have large capital investment, slow capital turnover and high financial costs. The listed pulp futures can bring new risk management tools to pulp and paper enterprises, which will help improve the efficiency of capital use and optimize the capital structure.
Q: Why should the pulp futures contract be selected for bleaching kraft pulp?
A: There are many kinds of pulp. According to different raw materials, pulp can be divided into wood pulp, non-wood pulp and waste paper pulp. In 2017, China's total pulp production (including wood pulp, non-wood pulp and waste paper pulp) was 79.49 million tons, and apparent consumption was 105.1 million tons, of which wood pulp production was 10.5 million tons and consumption was 31.52 million tons. Because of its long fiber length, high tear strength and good tensile strength, the bleaching needle pulp in wood pulp is widely used in the production of household paper, cultural paper and packaging paper, and is an indispensable raw material.
We chose bleaching needle pulp as the standard for pulp futures contracts, mainly for the following reasons:
First, the standardization of the products and production processes of bleaching needle pulp is relatively high. When the spot is delivered, the “piece†is the basic unit, and the production process of the bleaching needles of different brands is basically the same. The same technical index system can be used to measure its quality. Convenient for quality inspection and warehousing.
Second, the performance of the bleaching needle is stable, not easy to deteriorate, easy to store and transport in the warehouse, good delivery conditions, suitable for futures commodities.
Third, the spot market price of floating needle pulp fluctuated frequently. The average volatility from 2008 to 2017 was 22.9%, and the demand for safe haven for pulp and paper enterprises was strong.
Fourth, the spot market of bleaching needle pulp has a certain scale. In 2017, China's wood pulp consumption was 31.52 million tons, of which the apparent consumption of bleaching needle pulp was 8.15 million tons. The current average price of bleaching needle pulp is 6,000 yuan/ton. The apparent consumption value of bleaching needle pulp in China is 48.5 billion yuan. The large-scale spot market means that futures have a wide range of hedging needs and foundations, laying the foundation for the stable operation of post-market pulp futures.
Fifth, the industrial chain of the bleaching needle pulp market is long, with a large number of participating entities, a large proportion of traders, sensitive to price fluctuations, and the country of origin of drifting needle pulp is scattered, and the transaction price competition is relatively full.
Q: What are the considerations in the settings of the designated delivery warehouse in the previous period?
A: The pulp futures variety adopts the delivery method of physical delivery. The setting of the designated delivery warehouse is mainly based on the following considerations:
The first is based on the principle of distribution centers. In 2017, China imported 8.82 million tons of bleaching needles, mainly from Canada, Russia, Chile, Finland and other countries. The main mode of transportation is sea transportation. The layout of delivery warehouses is mainly based on the main imported ports of floating needles. China's important pulp trading ports include Shandong Qingdao Port, Jiangsu Changshu Port, Shanghai Port, Guangzhou Huangpu Port and Tianjin Port. The total imports of floating needle pulp in the three ports of Shandong Qingdao Port, Jiangsu Changshu Port and Shanghai Port account for about the total national import volume. 45%, the establishment of the designated delivery warehouse at the beginning of the pulp futures market is mainly in Shandong and Shanghai and surrounding areas.
The second is based on the principle of consumption. China's paper and board production is mainly concentrated in Guangdong Province, Zhejiang Province, Shandong Province, Jiangsu Province and Henan Province. The total production of paper and paperboard in Zhejiang, Shandong and Jiangsu provinces accounts for about 50% of the national paper and board production. The location of the delivery warehouse is selected. The more developed provinces such as Shandong Province, Zhejiang Province and Jiangsu Province meet the requirements of industrial development status, the recent trend of the spot market and the function of the futures market, and also meet the setting principle of the delivery warehouse close to the consumption distribution center.
Third, when choosing a delivery warehouse, we give priority to storage enterprises that have the professional management ability of bulk commodity storage, and pass the fire inspection and acceptance of public security departments, and have various conditions for safe production. And the comprehensive strength of each warehouse enterprise's asset scale, hardware facilities, throughput, management level, market reputation, etc. should have a comparative advantage in the local area, there is no legal risk and financial risk that may affect the delivery security, to ensure the delivery of pulp futures after the listing. Safe and orderly development.
After the pulp futures are listed, we will continue to pay close attention to the market dynamics, continuously optimize the delivery warehouse layout according to the transaction situation and market demand, and timely add designated delivery warehouses to better serve the real economy.
Q: What are the concerns of pulp futures on contracts and related business rules?
A: There are two points on the pulp futures contract and related business rules that are different from other futures varieties. The details are as follows:
First, the pulp futures trading unit is 10 tons per lot, and the delivery unit is 20 tons per standard warehouse receipt weight (air dry weight). The concept of “air dry weight†is different from other futures varieties. “Air dry weight†refers to the pulp weight when the moisture content of the pulp is balanced with the surrounding environment. Generally, the dryness is specified to be 90% in commercial contracts. In the actual warehousing inspection of the drifting needle, the weight of the delivery unit is not directly weighed, but the weight calculated by the gross weight detected by the designated inspection agency. We set the delivery unit to a dry air weight of 20 tons, mainly because in the international trade of pulp, the wood pulp is priced by air dry weight.
Secondly, pulp futures adopts the “quality standard + brand†dual certification as the pulp futures delivery standard. Bleaching needle pulp for physical delivery shall meet or exceed the relevant delivery quality regulations and be the designated brand produced by the manufacturer recognized by the exchange. According to the quality regulations, the three indexes of the tensile needle, the fracture resistance index and the tear index for physical delivery should meet or exceed the softwood pulp of QB/T1678-2017 Bleached Kraft Wood Pulp. For the first-class product quality regulations, the dust index should meet or exceed the quality requirements of superior products, and the D65 brightness index should be no less than 87%. The list of designated brands of bleaching needles produced by the exchanges recognized by the exchange will be announced separately.
Q: How to prevent risks in the previous period and ensure the smooth operation of pulp futures?
A: Focusing on the purpose of “the futures market serves the development of the real economyâ€, the previous stage carried out in-depth market research and research and demonstration on the listed pulp futures, and conducted risk assessments in the transactions, settlement, delivery, monitoring, and technology. Targeted risk prevention measures to ensure the smooth listing and stable operation of pulp futures.
First, according to the overall risk control requirements and the characteristics of different stages of contract operation, scientifically set up the price limit and margin system to effectively prevent trading risks. The second is to strictly set up the speculative position limit system, and the hedging transaction position to implement the examination and approval system. Third, according to the development of the market, expand the deliverable resources, rationally arrange the delivery warehouse, and effectively prevent the delivery risks. The fourth is to carry out investor education work at multiple levels to ensure the healthy and stable operation of pulp futures.
Q: What issues should be paid attention to by all kinds of market participants in the trading of pulp futures?
A: Investors should fully recognize the risks involved in futures trading, be familiar with pulp futures contracts and related business rules, and rationally participate in futures trading. Upstream and downstream enterprises in the pulp and paper industry chain should understand, familiarize with and master the rules of the futures market, to ensure the stability of production and operation, and to improve the controllability of sales and profits, to establish a foothold in futures trading, and to continuously improve the use of futures markets in practice. The level of hedging. Member units should fully understand and master the laws and regulations of the futures market, achieve compliance operation and control risks, and help investors make full use of the functions of pulp futures hedging and price discovery to serve the real economy. In the previous period, we will do a good job in monitoring and monitoring the daily risks and pre-study and pre-judging, and take effective measures to resolve potential risks in a timely manner, and firmly hold the bottom line without systemic risks. At the same time, earnestly perform the first-line self-discipline supervision duties, severely crack down on all kinds of violations of laws and regulations, and maintain the normal trading order in the futures market.
Attachment: official version of pulp futures contract
First, the delivery unit
The trading unit of the bleached sulphate softwood pulp (hereinafter referred to as the bleaching needle pulp) futures contract is 10 tons per hand, and the delivery unit is 20 tons per standard warehouse receipt weight (air dry weight). The delivery should be an integer of each standard warehouse receipt. Double delivery.
Second, the quality regulations
1. For the round needle pulp used for physical delivery, its three indexes, such as tensile index, burst index and tear index, should meet or exceed the first grade of softwood pulp in QB/T1678-2017 Bleached Kraft Wood Pulp. According to the product quality regulations, the dust index should meet or exceed the quality requirements of superior products, and the D65 brightness index should be no less than 87%.
2. The bleaching needle slurry of each standard warehouse receipt shall be the designated brand produced by the manufacturer recognized by the Exchange and shall be accompanied by the corresponding quality certificate.
3. The bleaching needle slurry of each standard warehouse receipt shall be composed of the same brand of genuine pulp products produced by the same production plant.
4. The drifting of the needle is measured by the measured dry weight. The overflow of each standard warehouse receipt does not exceed ± 5%, and the weight error does not exceed ± 1%.
5. Each standard warehouse receipt should contain the weight and number of pieces. Packaging should comply with the relevant regulations of the Exchange.
6. The standard warehouse receipts shall be issued after the delivery warehouse designated by the exchange has passed the inspection and acceptance.
3. The recognized production companies and designated brands
The bleaching needle for physical delivery should be the brand designated by the exchange. The specific production enterprises and designated brands shall be separately prescribed and announced by the exchange.
Fourth, the designated delivery warehouse
Designated by the exchange and announced separately.
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