Most popular to meet the needs of the spot market,

2022-08-23
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To meet the demand of the spot market, crude oil futures were introduced for delivery

yesterday, the task of industrial transformation was urgent. Shanghai Futures Exchange officially announced the relevant documents such as the standard contract for petroleum asphalt futures of Shanghai Futures Exchange and the amendment to the risk control management measures of Shanghai Futures Exchange. It was found that as early as 1964, in order to meet the development needs of China's existing industry and material industry, the last period Institute implemented a combination of warehouse delivery and factory warehouse delivery according to the characteristics and market structure of petroleum asphalt (hereinafter referred to as asphalt proved reserves), so as to lay an institutional foundation for asphalt futures to serve the entity economy

the relevant person in charge of the last period stressed that the starting point of the asphalt futures series rules in the design is to ensure the legitimate rights and interests of investors to the greatest extent under the condition of ensuring the safe, orderly and efficient operation of the market

the person in charge said that in terms of product delivery, asphalt futures adopted the experience of fuel oil futures and introduced factory warehouse delivery on the basis of warehouse delivery. Warehouse delivery facilitates the participation of traders and factory warehouse delivery facilitates the participation of manufacturers. Various delivery methods provide market participants with multiple choices, which is conducive to reducing delivery costs. In addition, the registered brand delivery system is also introduced to strictly screen commodity registration enterprises, and strictly control the quality in all links such as product transportation, warehousing inspection, storage, and product delivery. In terms of transaction risk control, the relevant rules were revised in the previous period in combination with the characteristics of asphalt product market capacity and price fluctuations

due to its shape, freezing point and other characteristics, asphalt has higher requirements in transportation and storage than ordinary solid products and liquid products such as gasoline and diesel oil. Therefore, the delivery of asphalt futures is different from other futures. For this reason, the delivery of asphalt futures in the previous period was revised pertinently

first of all, asphalt delivery combines warehouse delivery and factory warehouse delivery, and the layout takes into account sufficient delivery, circulation radiation capacity, price representativeness and other aspects, so as to meet the delivery needs of investors to the greatest extent

the relevant person in charge of the last period said that the implementation of delivery commodity registration management in the physical delivery of asphalt is conducive to the standardized management of asphalt in production, trade, transportation, storage, construction application and other links. We use asphalt brands produced by well-known domestic and foreign production enterprises with advantages in raw material selection, production technology, production facilities, technological progress and enterprise management for physical delivery in the futures market to ensure the quality of delivery resources

currently, the registered commodities used for asphalt delivery in our institute cover 7 brands of more than 10 production enterprises, including PetroChina, CNOOC, Sinochem, local refineries and imported asphalt. In 2012, the total output of registered production enterprises was about 10million tons, accounting for about 47% of the national asphalt consumption. The above-mentioned person in charge also pointed out that asphalt futures set reasonable quality premium according to the level positioning of the spot market of each registered brand. Investors' special preferences for some brands can be achieved through warehouse receipt swap and trading. In order to ensure the quality of asphalt products, the stored asphalt required in the previous period should be directly transported to the delivery warehouse by the registered manufacturer. When entering the warehouse, it also needs to be inspected by the inspection institution designated by the exchange. The institution that inspects the delivery commodities with controversial quality is also the asphalt quality inspection institution designated by the exchange

the relevant person in charge of the last exchange specially reminded investors that investors should fully understand the policies of the petroleum asphalt industry and the operating characteristics of the spot market, be familiar with the rules of petroleum asphalt futures contracts, improve risk awareness, and take various risk prevention measures. At the same time, it has strong risk tolerance, financial strength and risk management ability

when participating in the futures market, asphalt enterprises should adhere to the principle of hedging, be familiar with the common rules of petroleum asphalt futures trading generally around 300mm, strengthen the construction of hedging management systems, strictly implement the risk control system, and improve the internal control and other supervision mechanisms. The above person in charge reminded industrial investors

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