Pulp futures listed! Hold up an umbrella for the paper industry

Since the end of 2013, the Shanghai Futures Exchange established the pulp futures research and development working group, and in 2014 signed a strategic cooperation agreement with the China Paper Association to actively promote the pulp futures research and development and listing work, and finally achieved success. Experts said that due to the trade status of softwood pulp relying on imports, its price is affected by macro factors such as the international market environment and exchange rate changes, and domestic supply and demand changes and product structure adjustment also largely affect the price changes. In this context, the introduction of pulp futures can reduce the procurement risk of the paper industry, cope with price fluctuations, give full play to the price discovery and hedging functions of the futures market, help enterprises optimize resource allocation, improve the efficiency of enterprise capital use, provide a strong guarantee for enterprise business decisions, and help the sustainable development of the industry.

Adopt the delivery standard of "quality standard + brand" double certification

Ten minutes after the opening of pulp futures, the trading volume was more than 60,000 lots. Ma Wensheng, chairman of Xinhu Futures, said in an interview with the Economic Daily that the variety of pulp futures is very good from contract design to market participation, especially the participation of the real industry. He believes that pulp is a mainly imported product, the risk management demand is very large, the future market liquidity will be very good. Xinhu Futures has strengthened investor training and program design among customers in the industrial chain, especially pulp traders. I believe that this product will have space in the future combined business. And because pulp futures are a fundamentally independent product in bulk commodities, it is also a good target for futures asset management, which can be used as a commodity allocation with different fundamentals. "Confidence in pulp futures." 'he said.

Industry experts remind that pulp futures contracts have a significant feature, that is, the use of "quality standard + brand" dual certification as delivery standards. Coniferous pulp for physical delivery shall also meet or exceed the relevant delivery quality requirements and be a designated brand produced by a manufacturer recognized by the Exchange. The exchange certified brands involve 11 brands and 14 factories in 4 countries.

Jia Zhiren, vice president of the China Light Industry Federation, said that the launch of pulp futures is a major positive for China's paper industry. It is hoped that pulp futures will give full play to its function of price discovery, establish a market recognized pulp price, and enhance the right to speak in the international market. Provide enterprises with price risk management tools, enrich the quotation model, lock the price risk; Contribute to the sustainable and stable development of China's paper industry.

Zhao Wei, chairman of the China Paper Association, said in an interview with our reporter that making good use of the futures market is a relatively new idea for the operation of real enterprises, and it is recommended that real enterprises first understand and learn the rules of the futures market, learn to guide and stabilize the production and scale of enterprises through the futures market, and make reasonable use of financial instruments for hedging, so as to operate in compliance and control the risk.