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Approved by the Commission to carry out cotton futures trading

release date: 2017-07-03
Browse popular: 5682


In June 30, 2017, the SFC website announced that it would allow the Zhengzhou commodity exchange to carry out cotton futures trading.

Core view:

In recent years, the price of cotton yarn fluctuates greatly, and the industry urgently needs to manage the risk of price fluctuation

China is the largest producer and importer of cotton yarn in the world. According to China Cotton Textile Industry Association statistics, in 2016 the domestic cotton yarn production was 27 million 420 thousand tons. According to China Customs statistics, in 2016, cotton yarn imports 5 billion 130 million U. s.dollars, accounting for 22% of the total import and export of textile and apparel. The textile industry is a traditional pillar industry of China's national economy and an important livelihood industry, manufacturing output in the proportion of 30 categories of more than 5%, the number of employees reached 2 million 500 thousand people, involving more than 9000 enterprises, of which more than 5400 enterprises producing cotton yarn. 2009-2016 years, the impact of the macroeconomic, cotton demand and downstream consumption and other factors, the cotton price fluctuations, the price of cotton yarn Chinese C32S index monitoring system as an example, during the period of the highest price 43000 yuan / ton (November 2010), the lowest price of 16820 yuan / ton, the price of 23295 yuan / ton, so the industry is urgent the need to manage the risk of price fluctuation tool.

We believe that the Commission approved the development of cotton futures trading firm will be good cotton textile industry

First of all, the relevant enterprises can reduce the risk of exposure by participating in cotton futures and cotton futures trading, and lock up profits in advance, and reduce business risks.

Secondly, according to the statistics of Xinjiang Agricultural University vice president Jiang Pingan in 2015, China's textile production capacity of 103 million spindles, the average operating rate is only 60-70%, idle capacity 30 million -4000 million spindles. The cotton futures market can provide cotton textile enterprises with cotton yarn price guidance as far as a year later. It will help enterprises to judge the future market trends, improve the ability to adjust production capacity, and then help eliminate excess production capacity. Finally, the cotton futures delivery of the subject matter to C32S carded cotton yarn (ring spinning) as a benchmark, while the benchmark with the performance requirements of a series of indicators, such as strength of not less than 15 cN/tex, 330-420, and the twist factor of Uster standard, is conducive to the promotion of cotton quality and price, forced to enhance the cotton quality cotton, stable sales price, service cotton target price reform work.

Risk warning

The risk of falling demand for yarn and fabric products; the volatility of cotton prices raises the risk of increased production costs;

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