Focus on developing derivatives: energy "testing the water" Tianjiao "singing"
compared with the price of metal futures, the price fluctuation of energy futures is extremely unstable. Since 2004, crude oil futures prices have fluctuated frequently and violently in the international market. Shanghai fuel oil (0, -4816.00, -100.00%, right), China's first oil futures after reorganization, today mainly introduces the use and main functions of electronic universal testing machine futures, which was born under such a background. Among energy related industrial products, fuel oil and natural rubber (0, -23755.00, -100.00%, bar) futures are vulnerable to sharp fluctuations due to the impact of crude oil prices. On August 25th, 2004, when people from all walks of life doubted whether China's energy futures could successfully "test the water", so far, fuel oil futures has not only operated smoothly, but also this tool is being skillfully applied by most oil enterprises
the "voice" from China
"futures delivery oil" and "Shanghai Futures oil" are nicknames given to Shanghai fuel oil futures by oil companies in South China. Before the listing of Shanghai fuel oil futures, China's enterprises in South China with the largest import and consumption were deeply affected by the Singapore market and suffered heavy losses. Many oil traders told that the price of fuel oil in Singapore had been manipulated by a few big oil traders. These international giants usually take advantage of the law of domestic imported fuel oil, such as before and after the peak of power consumption and the issuance of quota licenses, to jointly raise the price, forcing domestic oil traders to buy oil at a high price. For this reason, there was a local story of "Huangpu blood flowing into a river"
however, the successful listing of Shanghai fuel oil futures has changed the above pattern. "Shanghai's price has formed a deterrent to the Singapore market," Liang Chengyu, then president of the Guangdong oil and gas chamber of Commerce, once said
empirical research shows that the price correlation coefficient between Shanghai fuel oil futures and international crude oil futures, Singapore paper goods and domestic spot market has reached about 90%. At present, in Guangdong Huangpu fuel oil spot market, some enterprises began to use the fuel oil futures price as the benchmark price for trading, and some enterprises began to sign three-month forward contracts with users by referring to the forward futures contract price, which was rare in the past. "As the first oil futures in China, the successful listing of fuel oil futures is conducive to the successive launch of other oil products such as crude oil and gasoline and diesel oil futures with a particularly high molecular weight", Henry, vice president of Morgan Stanley commodities (Singapore), said in an interview
rubber farmers' "weather station"
natural rubber is an important strategic material. Due to the wide application of synthetic rubber, there is a certain positive correlation between the price of natural rubber and the price of crude oil. China is the largest rubber consumer in the world. Industry enterprises, especially rubber farmers, will face more market risks in the face of fluctuations in energy prices. Therefore, Shanghai rubber futures is not only an important means for relevant enterprises to avoid risks, but also a "weather station" to feed back information to rubber farmers
Zhou Hongliang, general manager of Xishuangbanna Jiayou economic and Trade Co., Ltd., which is engaged in Tianjiao trade, told that in Xishuangbanna, the second largest rubber producing area in China, local rubber farmers are very concerned about the futures price. Xishuangbanna TV station specially broadcasts Shanghai Tianjiao futures market, which improves the transparency of the market and makes the selling price of rubber farmers very close to the market price. As a trader, it is difficult to take advantage of information asymmetry to receive low-cost glue
through participating in the futures market in recent years, the quality of natural rubber of Yunnan Agricultural Reclamation group has become increasingly unified, and the overall quality has been continuously improved. In agricultural reclamation, "futures rubber" has become a synonym for agricultural reclamation. The mention of futures rubber means that it is a rubber of good quality. The relevant person in charge of Yunnan Agricultural Reclamation said, "through futures delivery and sales, Yunnan agricultural reclamation has participated in the futures market for 11 years, with a total delivery volume of 66000 tons, which alone increases its revenue by 66million yuan over spot sales."
Caohui, general manager of Yunnan Yunchen futures company, introduced that more than half of the legal person accounts opened by the company are Tianjiao customers, which affects the accuracy of the experimental data, mainly Tianjiao distributors and private rubber enterprises. The main purpose of their participation in futures trading is to better grasp the price trend of natural rubber and serve spot trade by paying attention to futures price information and participating in futures market; The second is to maintain value by participating in the futures market. In Yunnan Province of China, circulation enterprises and private rubber enterprises have made the sample inspection surface close to the objective lens in recent years; Then the means and methods of turning the coarse focusing knob in reverse are becoming more and more flexible
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