The hottest PVC futures performed better on the fi

2022-09-28
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PVC futures opened high and went low on the first day of listing, outperforming LLDPE

PVC futures opened high and went low on the first day of listing, with a transaction of more than 4.7 billion yuan and a position of 23800 hands, outperforming their twin brother LLDPE on the first day. Chlor alkali chemical grabbed the first short position, and the transaction was active, which was favored by Zhejiang to create a new profit growth point. However, insiders believe that from the performance of the first day of listing, the degree of hedging is not deep, and spot traders are still familiar with futures hedging

chlor alkali chemical grabbed the first order

at 9:00 yesterday, the PVC contract was listed for trading. The first sale order was completed by Shanghai Chlor Alkali Chemical Co., Ltd., and the purchase order was a personal customer of Dalian Liangyun futures

"the September contract selling price of PVC is 6575 yuan per ton, which is in line with our previous price expectations and is a good selling price." Li Jun, general manager of Shanghai Chlor Alkali Chemical Co., Ltd., said that the current spot price of PVC is 6000 ~ 6500 yuan per ton, while the futures price of PVC is 6575 yuan/ton, which is more attractive

for production enterprises such as Shanghai chlor alkali chemical industry, the futures market can effectively avoid price fluctuations and control risks, which has become an important reason to attract these enterprises to participate in the futures market. Li Jun said that spot PVC prices fluctuated very violently. In 2008, the highest market price was more than 9000 yuan/ton, while the lowest price was less than 5000 yuan/ton. After the crazy rise and fall of product prices last year, nylon plastic injection molded parts have been reduced by 50% compared with single-layer steel sheet stamping parts; After being reduced by 30% - 40% compared with aluminum alloy die castings, the vitality of the industry is seriously damaged. The average operating rate of the industry was less than 50% in the fourth quarter of 2008, and even now it is only between 50-60%

"if the futures contract is listed earlier, the situation will be different. After all, the price guidance of the futures market is obvious, and it can avoid violent price fluctuations." Li Jun said that at present, there are 143 domestic PVC production enterprises, of which more than 20 are listed companies on the Shanghai and Shenzhen stock exchanges. All companies are very enthusiastic about the futures market and are actively applying to become delivery brands in the futures market

Zhejiang funds trading is active

in yesterday's trading, the main 0909 contract was significantly higher than the listing benchmark price, opening 275 yuan to 6575 yuan. Since then, the futures price fell slightly, maintaining a small consolidation at the front line of 6520 yuan, with active trading. The intraday minimum fell to 6435 yuan, and finally the contract closed at 6490 yuan, 190 yuan higher than the benchmark price. The trading volume was 107000 hands, and the positions and positions increased were 12000 hands. In addition, other contracts rose across the board, basically in line with market expectations

from yesterday's position ranking, funds in Zhejiang are particularly active in PVC futures. In terms of bulls, Zhejiang Dadi, Huixin futures and Zhejiang Tianma ranked in the top three respectively, with 1823 positions held by Zhejiang Dadi. The top three short sellers are Zhejiang Dadi, Zhejiang Yongan and Huixin futures, with 861 positions held by Zhejiang Dadi. In addition, in yesterday's position data, Zhejiang Zhongda, Zhejiang Xinhua, Zhejiang new century and other Zhejiang funds have been listed. Guangfa futures holdings in South China also ranked among the top 10 bulls

insiders pointed out that the emergence of this position structure, on the one hand, is due to the abundant funds in Zhejiang, and another more important reason is that Zhejiang and South China are important places for PVC consumption in China. These regions have gathered a large number of traders and consumers, and have high enthusiasm for PVC futures

hedging intervention is not deep

"however, from the performance of the first day of listing, the intervention power of hedging is also to build a modern and efficient comprehensive service base and the most perfect comprehensive industrial chain trade headquarters base in China, which is slightly insufficient." Jiangchanjie of GF futures told that from the situation of the main 0909 contract, the power of hedging intervention was still slightly insufficient. Especially when the price is above 6600 yuan and 6500 yuan, the time is not long, and the transaction is limited, which leads to the lack of deep intervention of the hedging disc. In terms of price, including the holding cost, the price of 6500 yuan is relatively low. Many enterprises can barely reach the production cost of PVC at the price of 6500 yuan. In addition, spot traders should also have a familiar process of hedging

for the future, she believes that crude oil shows a stabilizing feature after entering $60, and it is unlikely to fall sharply again, which is obvious for the price support of PVC produced by ethylene method. In addition, even for carbide production enterprises, it will also bring price boost, mainly because the rise in oil prices is transmitted to the rise in electricity and coal prices, which indirectly supports the production cost of carbide

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