Delivery is the bond of the spot market in the contact period, which plays an important role in the function of the futures market. The Futures Daily reporter learned that at present, the glass futures 1901 contract has been successfully completed. Different from the past, the manufacturers involved in the delivery are concentrated in Hubei. On the one hand, the trader factory warehouse has become one of the main subjects of delivery. On the other hand, it has also broken the tradition of only Hebei Shahe manufacturers participating in the delivery of glass futures in recent years. The smooth delivery of the glass futures 1901 contract will further increase the enthusiasm of the upstream and downstream participation in the hedging, and promote regional linkage, and the integration of the glass period will also reach a new level.
A delivery before the Spring Festival: busy and happy
A week after January 20th, Wuhan Zhongheng Chuangjing New Material Co., Ltd. (hereinafter referred to as Zhongheng Chuangjing) Lei is too busy to be open, while busy shipping, while still doing a small sheet of glass. Outside the company's warehouse, a truck was ready to go, with a long queue, and Curry's loading and unloading trucks were working very hard. This is the delivery site for the glass futures 1901 contract.
"At present, the delivery of the glass futures has been basically completed. As a seller, we actually shipped 3,360 tons. These days can be said to be busy and happy." He Lei said excitedly.
The reporter learned that the glass futures 1901 contract was paired with 430 lots. The buyers and sellers were Zhejiang Yongan Capital Co., Ltd. (hereinafter referred to as Yongan Capital) and Zhongheng Chuangjing. The delivery point was Hubei Sanxia New Building Materials Co., Ltd. It is called the Three Gorges New Material). After the completion of the delivery pairing, Yongan Capital and Zhongheng Chuangjing signed a spot contract within one day, and required the specifications and thickness of the glass. Zhongheng Chuangjing tried its best to satisfy the delivery party according to the delivery rules. At present, the delivery has been completed.
"We participate in the 1901 contract delivery, which is a hedging strategy based on fundamental judgment." He Lei explained that the production capacity of 1,200 tons of Changlihong Lake in Hubei, 1,200 tons of Minghong, and the five-line new material of the Three Gorges All of the resumption of production, Hubei's glass capacity expansion trend can not be underestimated. “Macro, under the influence of trade friction, our judgment on economic expectations is conservative, and the supply of glass is still increasing. Under such a line of thinking, we have formulated a strategy of selling insurance.”
Actually He Lei team is too pessimistic about the expectations of the flat glass industry in 2018, they are goingThe price of winter storage in the second half of the year is expected to drop by 200 yuan / ton, and the results did not meet expectations. “Some production capacity shutdowns in Hebei, Hubei, and Anhui were actually unexpected, which had a certain impact on the implementation of the strategy. In this delivery, if the Three Gorges New Materials fully cooperated with us to fulfill the spot contract, we are actually losing money. He Lei told reporters that at the time, it was particularly good to see the spot destocking, so the Hangzhou company locked in some stocks and purchased some parts in Hubei. The final delivery was profitable.
It is undeniable that there are always risks and uncertainties in the market. Enterprises will be more stable and solid when they use the “two legs” of the market. Reasonable use of the spot market will also make the company more effective in the operation.
The biggest feeling of the delivery to the He Lei team is that the delivery of glass futures is smoother and the whole process is more fair, fair and open. In his view, there are some controversies in the futures delivery, often because the seller and the buyer's position and communication may have some problems. "On the one hand, this delivery is full-service. On the other hand, after fully communicating with customers, the two sides reached a friendly consultation. This kind of delivery is very smooth and it is also very happy to operate." He Lei said that the two parties explained the rules. Full, relatively fair and reasonable.
B Huazhong once again became the delivery center
From the perspective of the delivery of the glass futures 1901 contract, after 2014 and 2015, the Central China region once again became the delivery center for glass futures. Breaking the tradition of glass futures delivery in Shahe only in recent years.
In the interview, the Futures Daily reporter learned that since the listing of glass futures, the delivery was mainly concentrated in Hebei and Hubei. Before 2016, the two places were almost equally divided; after the end of 2016, the regional premiums were cancelled. The enthusiasm of the delivery of Hubei enterprises was reduced. This time, the participation in the 1901 contract was again due to changes in the spot market pattern.
“The two main delivery areas of glass futures, Hebei Shahe and Hubei, have experienced large differentiation in regional production capacity in the past two years.” Jiao Yonggang, head of Futures Department of Shandong Jinjing Technology Co., Ltd., said since 2014 The glass production capacity in Hubei has been increasing year by year. The production capacity of the Shahe area in Hebei has continued to decline since 2015, coupled with the downstream facing the two places.The market demand is different, the spot market pattern has undergone major changes, the price levels of the two places have gradually converge, and the opportunities for participating in futures delivery have gradually become equal.
In Jiao Yonggang's view, the most important factor for enterprises to participate in delivery is the current price difference. “The spot operation of the enterprise may have staged profit and loss, but the enterprise pursues the comprehensive profit in a certain period of time. The futures market is a market that can choose to intervene independently, and will enter if there is a favorable market for the enterprise.”[ 123]“Since 2018, the glass production capacity in Central China has grown rapidly, especially in Hubei, where the production capacity is very high, and the glass price is facing downward pressure. In 2015, there was an increase in the capacity of Central China, which led to the inverted price of glass between Huazhong and Shahe. At the time, Huazhong Glass Enterprises chose to sell the hedging. The situation in these two periods was very similar, and they all sold the hedging in the case of a large increase in production capacity.” Huo Dongkai, head of Futures Department of Wangmei Industrial Group, said in an interview. The Hubei glass enterprise once again participated in the delivery. The core factor is the change in the demand pattern between regions, which makes the price of Hubei more favorable to the price of Hebei Shahe. "This glass futures delivery land moved to Hubei for the first time in the south, which is the market choice, indicating that the effect of de-capacity production in Hebei is obvious, and the spot price difference between Hebei and Hubei is shrinking." Wuhan Changli Glass (Hannan) Wang Chengbin, head of the futures department of the company, said that with the changes in the production structure of the glass market in the past two years, the inter-regional price gap has narrowed, and the cancellation of inter-regional premiums has also brought opportunities for participation in the Hubei market. The reporter learned that compared with other regions, Hubei's regional advantage lies in the numerous manufacturers, the transportation is convenient, and the products are radiated nationwide. “Upstream of the Yangtze River to the southwest, downstream to Jiangsu, Zhejiang and Shanghai, the overall transportation cost can be controlled within 80 yuan / ton, which is an advantage that the motor transport can not match.” He Lei said that the convenient traffic conditions in the nine provinces make the Hubei more Glass processing companies and traders are actively involved in the physical delivery of futures. In addition, most of the glass production enterprises in Hubei use advanced production technology and new construction lines, and the quality of the products is guaranteed. In addition, it is worth mentioning that the glass production and processing enterprises in Hubei are mainly based on large-panel glass. The terminal market is not limited to the general quality mirroring field and sandblasting products, and the demand is wider. "This delivery is the most heavily moved south.One reason for the requirement is that the standard delivery product is a small plate with a standard of 4 (4 mm thickness) and a standard of 5 (5 mm thickness). This specification is narrower in the south, and the price difference between the large plates of 5 mm and 6 mm is 80-100 yuan / Ton. Wang Chengbin said. In the opinion of the industry, due to the continuous reduction of Shahe glass production capacity, Huazhong production capacity increased in the second half of last year, the price difference between North China and Central China continued to shrink, and the enthusiasm of Huazhong Glass Enterprises to participate in hedging will gradually The promotion of the glass industry may gradually change from Shahe to Shahe and Huazhong, which will make futures delivery more active. C trader factory library function gradually In addition to the re-emergence of Hubei's regional advantages, the trader's factory library has become the main force of participation, and it is also one of the highlights of the delivery of the glass futures 1901 contract. Traders are the link between the production enterprises and the downstream consumer enterprises. The commercial delivery warehouse can attract more upstream and downstream enterprises in the glass industry chain to participate in futures hedging or delivery, improve the efficiency of the use of glass registered warehouse receipts, and make the glass spot market more closely connected. Considering these factors, Zhengshang Institute 2017 In August, the “Trader Glass Delivery Factory Library” was added. The first pilot units of Zhengshang Institute were Yongan Capital and Zhongheng Chuangjing, with a credit line of 20,000 tons. In the river area, the production glass delivery factory warehouse and the trader's factory warehouse itself. In July 2018, Zhengshang approved the glass trader factory warehouse picking point to be expanded from the Shahe area to all the glass delivery factories in the country. The reporter learned from Zhengshang that since the establishment of the trader factory warehouse, the actual number of warehouse receipts registered in the glass futures totaled 5,640, accounting for 38.7% of the registration of the warehouse receipts of the glass factory in the same period. The factory has been in use for more than a year. At the same time, the trader's factory library also plays some side effects. "Yongan Capital is one of the traders' factories, and was established in Shahe in the first half of 2018. Factory pick-up point. Lu Cheng, the person in charge of the Yongan Capital Glass Period, said that the establishment of the warehouse pick-up point has opened the channel for direct delivery of Shahe stock, which allows the spot to flow directly to the futures side, which promotes the linkage of the current period for the Shahe dealer inventory. It is possible to preserve the value. "We are the dealer factory of Zhengshang, and the distributor of the glass factory. When the factory inventory is high, weBuying goods directly into the warehouse to generate warehouse receipts, while helping the factory to digest finished goods inventory, does not allow the factory to bear the losses caused by forward spot price fluctuations. Lu Cheng said. The reporter learned that because the trader's production and operation methods are more flexible than the production-type factory, no complicated approval process is required, and the futures disk price is suitable to make hedging, generating warehouse receipts, compared with other The efficiency of the factory library is high. The good cooperation between the trader's factory and the glass production enterprises has played a role in demonstrating other factories and libraries, and will also attract some enterprises to participate in the glass futures. In early 2018, Yongan Capital It also established a long-term strategic partnership with a delivery factory and a factory. The two sides took strategic advantage as their fulcrum and took advantage of their respective advantages in the futures and spot areas to further explore the innovative glass spot trading model and warehouse management model. “Yong’an Capital will be a spot factory. The combination of direct hair and storage, through the futures and options tools, provides a new reservoir for factory inventory management, which enhances the integration of industry and finance. According to Lu Cheng, if the factory inventory is high in September 2018, Yongan Capital will pick up the goods and the company will carry out futures hedging to prevent the factory from taking risks of futures price fluctuations and reduce the actual inventory of the factory. Similarly, as the glass trading factory, the biggest difference between Zhongheng Chuangjing and Yongan Capital lies in its nature. “The biggest advantage of Yongan Capital is that it has sufficient funds to reduce the financial pressure of enterprises; It is reflected in the upstream and downstream channels. It has strong ability to get goods and exchange goods from manufacturers. It can maintain sales channels for manufacturers and increase sales. In addition, with its own spot background, traders hope to provide cross-regional and cross-specialized services to the market and broaden the sales market. He Lei said. It is understood that the glass futures 1901 contract delivery was successfully completed, and also benefited from the spot background of Zhongheng Chuangjing, whether it is upstream manufacturers to get goods or help downstream customers to digest inventory, It can play a cohesive role. In the opinion of the industry, the trader's factory library will become a force that cannot be underestimated in the future. Compared with the production type factory warehouse, the trader factory warehouse is registered in the warehouse receipt and warehouse. The single transfer and cargo exchange links are more flexible, and the trader's factory warehouse currently has its own warehouse, which is always stocked. As long as it maintains the supply agreement with many local manufacturers, the supply capacity will be stronger than the production plant. This will also bring source to the marketConstant motivation. D glass period is now a fusion of In fact, for a futures variety, certain activity is an important condition for its long-term function. The reasonable improvement of the delivery system can guide more upstream and downstream enterprises to participate and enhance industrial participation. The reporter learned that in recent years, the impact of glass delivery on spot stocks has increased. With the improvement of the delivery system of glass futures, whether it is to adjust the spot price benchmark from East China to Shahe, or to change the premium, and the introduction of the trader's factory library, it is to be close to the spot market and reach the futures service entity. purpose. The glass market is now closely linked, which promotes the smooth progress of delivery, better guarantees the return of spot price difference, and the price discovery function of glass futures is more obvious, which makes futures as a tool and can be industrialized. Enterprises are used more extensively and in depth. It is worth mentioning that the delivery of the glass futures 1901 contract is the newly-built factory in the Three Gorges. As a new army of glass futures, the Three Gorges New Materials quickly participated in the hedging and delivery, which also fully reflected the urgent expectations and needs of the entity enterprises for financial instruments such as futures hedging. "The Three Gorges New Materials participate in futures delivery for the first time, which has a great relationship with the company's new leaders' understanding and attention to futures." He Lei told reporters that as one of the largest customers of the Three Gorges new materials, Zhongheng Chuangjing also hopes to help the production plant to deepen its understanding of the futures market and further promote the integration of the glass period. As a state-owned enterprise, the Three Gorges New Materials pays attention to the spirit of compliance, actively participates through practical actions, and fully cooperates with delivery to meet the needs of customers and strive to make the platform bigger and stronger. Delivery is an effective way to connect futures and stocks. Compared with previous years, the delivery of the glass futures 1901 contract presents some new features. "First, the delivery party is more rational, the concept of hedging is more mature, and it is no longer limited to unilaterally throwing the spot on the futures disk. Second, the receiving party rationally chooses, there is no blind choice between Hebei Shahe and Hubei. It is adjusted and changed according to its own situation. The purpose of the futures service real economy has been achieved. From the perspective of delivery, the buyer and the seller have basically reached the previous expectations: to achieve certain economic benefits while avoiding risks," said the industry source. In addition, one more path is an effective business strategy for the entity. With the deepening of glass futures learning and the increasing use of futures, futures have become an indispensable tool for spot companies and traders. The participation in the delivery market was relatively high, and many production companies adopted a strategy of selling and maintaining value, which also drove the smooth progress of delivery. "For the off-season contract of 1901 contract, manufacturers are more likely to see the market risk and inventory risk in the off-season. The traditional off-season price reduction is inevitable." Huo Dongkai said that according to its own inventory, the company saw the traditional peak season. The destocking situation is not as expected, and the inventory pressure is still relatively large. The market price cut in the peak season in 2018 has made the market mentality worse. "If destocking does not meet expectations, there is a risk of a sharp price drop again, so the hedging strategy is taken decisively on futures." Huo Dongkai said, but the market has seen a major reversal, last year 12 In the second half of the month, due to the active adjustment of the association and the continuation of the market, the spot destocking reached the target, the inventory has entered a reasonable range, and the company took measures to close the spot to ensure spot profit. "Although our hedging operation failed to complete the delivery, it largely circumvented the possible spot risk, and the company gained revenue, which played a role in the hedging strategy." In Huo Dongkai's view, glass futures are promising in the current integration. In the interview, the reporter learned that there are still diversified demands in the market, especially for processors and traders who buy hedges and futures companies, which may exist for delivery areas, delivery brands, etc. Certain requirements. In this regard, industry insiders suggest that in order to meet the diversified needs of the market, the delivery warehouse can be set up more reasonably, and the liquidity and convenience of the warehouse receipts can be improved. "I hope that through the joint efforts of Zhengshang Institute and the factory library, we will actively promote the function of glass futures and continuously improve the effect of the futures market to serve the real economy." Huo Dongkai said.
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