From December 18, 2006 polyester raw material purified terephthalic acid (PTA) futures trading has been officially launched, nearly two years. Zhengzhou Commodity Exchange futures as the first in a variety of industrial, PTA futures gradually more people into the field of vision.

PTA futures market is reaching maturity

Turning to an official from the listing date nearly two years of operation of PTA futures, Zhengzhou Commodity Exchange Research and Development Department personnel Warzazi PTA varieties to maintain bright, said: “After nearly two years of careful cultivation, PTA futures positions and the volume of All to a new level, market liquidity, a significant increase in market development on the basis of a gradual consolidation. Such as the PTA futures positions by the daily average of less than 50,000 daily average of 100,000 hand to hand, the highest position on 200,000 hands, PTA futures show A good situation. ”

In the second half of 2007, the PTA because of the lower reaches of the difficulties encountered in the development of polyester industry, the polyester businesses gradually began to use the futures market hedging, which in PTA futures on the increase in the number of delivery reflect the obvious. In 2007, the Zhengzhou Commodity Exchange PTA completed delivery volume of 4.2968 million, equivalent to 214,840 tons, the amount of 1,673,000,000 yuan delivery. In the first half of 2008, in the PX, driven by raw materials, PTA prices are higher. In order to lower the cost of raw materials, some companies are using the futures market to hedge buying, PTA delivery of the resulting increase in volume. In the first half of 2008 a total of 6.0513 million settlement amount, equivalent to 302,600 tons, the amount of 2,406,000,000 yuan delivery.

In a bad market, chemical fiber enterprises in the futures market to sell hedge against inflation, to avoid the risk of falling prices, PTA futures registered warehouse receipts on the ever-increasing; in a good market, chemical fiber enterprises will be in the futures market Preserve and increase the purchasing, to avoid the risk of price increases, the steady decline in registered warehouse receipts. PTA warehouse receipts of the futures market reflects the trend in the spot market as a “reservoir”.

Qi Ming-liang said: “The Stock Exchange of accordance with the available data, in 2007 a total of 740 institutional investors to participate in PTA futures, a monthly average of about 190 institutional investors in the transaction; per month this year, the number of institutional investors to participate in the overall upward trend This PTA and the maturing of the futures market, futures markets reflected the PTA’s ever-increasing attraction. ”

Futures and spot prices to improve the relevance of

Qi Ming-liang believes that the industry and enterprises, PTA futures market played a good price discovery and risk aversion of the two basic functions. PTA futures prices in the lead role in the rapid enhancement, “not only domestic production, consumption and trade enterprises depends on the PTA futures price, even abroad, production, trade enterprises are also concerned about China’s PTA futures prices, its price has become more and more features in” .

Statistics show that, PTA futures market, with the spot price of crude oil futures prices in the relevance of more than 0.8, because the industry chain, only refer to the price of crude oil futures, PTA futures market, crude oil spot and futures to reduce the relevance of the beginning, and the PTA spot And the relevance of PTA futures in 2007 to 0.973,2008 was 0.994. This shows that the stock trades futures on the PTA have a better understanding, investors PTA futures rising awareness of the futures and spot prices have further to improve the relevance.

Since the establishment of PTA futures market, the spot price fluctuations stabilized. 2006 PTA spot price fluctuations in the rate of 10.62 percent, 7.20 percent for 2007, 2008, from 1 to June to 8.96 percent. And in 2007 the futures market price fluctuations in the rate of 6.89 percent in 2008 from 1 to June to 8.6 percent, the price of the futures market run relatively more stable in the spot market, futures market has played a spot market price fluctuations “regulator” role.

Futures prices for reference business

Qi Ming-liang said that the question of how to let the industry chain on the effective use of the corporate market, to promote the value of PTA futures is that they have been thinking about the problem but also a problem.

PTA futures in Zhengzhou Commodity Exchange is the first industrial products, with its uniqueness. On the futures market, investors, PTA and wheat futures, cotton futures these are different, more professional. In order to understand the industry PTA futures method of operation, for outsiders to understand the spot PTA, PTA futures market in the early stage of exchanges for different investors hold nearly 20 training. At present, PTA futures have become available in the futures market to play a role in one of the better varieties.

This year, PTA futures market further active chemical fiber enterprises to participate in the futures enthusiasm increased. Enterprise has in the past by relying on the contract price settlement price for the procurement or production, step by step reference to the present futures price for production and business. PTA manufacturers have begun to refer to the decision futures monthly settlement price, which is the use of chemical fiber industry enterprises better futures.

PTA industrial chain structure

Polyester is the main raw material for PTA. Crude oil after a certain process to produce naphtha (light gasoline) from naphtha in a certain process to extract the PX (paraxylene), PX, after separation of dry oxide crystal to produce purified terephthalic acid (PTA , Powder). PTA and MEG (ethylene glycol, liquid) together to produce PET (PET). PET into polyester fiber, polyester film, PET bottle chip. Polyester fiber (PET scientific name), filament and staple fiber, filament yarn for textile enterprises to use, staple cotton blended with the general.