China News Service, Shanghai, September 9 (Gao Zhimiao) It will be one year since the world's first cultural paper financial derivatives, offset printing paper futures and options, were listed on the Shanghai Futures Exchange (hereinafter referred to as the Shanghai Futures Exchange). Reporters learned from the last issue on the 9th that over the past year, the overall market operation has been stable, delivery has been smooth, industrial customers have steadily participated, and the functions of service entities have gradually emerged, providing good risk management tools for industrial chain enterprises such as papermaking, trade, publishing and printing.
Judging from the operation situation, the market is running smoothly. Since its listing, the settlement of offset printing paper futures and options transactions has been operating steadily, the delivery business is smooth and orderly, the technical system is safe and stable, and the entire business process has withstood the test of practice. Among them, offset printing paper futures completed 8 deliveries, with a cumulative delivery volume of approximately 21,600 tons.
Industry participation has steadily increased. Over the past year, industrial entities such as papermaking, trading, and publishing and printing companies have begun to use futures tools for inventory management, procurement cost locking, long-term contract performance, and warehouse receipt trade, and have explored futures and cash combination models such as basis trade and point price trading. The application scenarios of varieties serving the real economy have continued to enrich. At the same time, the last phase of the "Strong Source to Assist Enterprises" Offset Printing Paper Industry Customer Market Cultivation Project launched in June this year has further encouraged industry entities to actively participate in the futures market to carry out pricing practices.
The synergistic effect of "pulp-paper" derivatives is beginning to appear. Over the past year, many leading papermaking companies have begun to simultaneously use two futures varieties, pulp and offset printing paper. Through the combined operation of "pulp futures locking costs + offset printing paper futures locking profits", they have realized full-process hedging from upstream pulp raw material procurement to downstream finished paper sales.
The relevant person in charge of the Shanghai Stock Exchange said that in the next step, it will closely track the development trends of the cultural paper industry and the actual needs of the industry, and continue to improve the operation quality of offset printing paper futures and options. Further strengthen the construction of the delivery system, steadily expand certified delivery brands, optimize the regional layout of delivery warehouses, and continuously improve the adaptability of the delivery mechanism to industry needs. At the same time, we will deepen and implement industrial services, cooperate with industry associations, industrial and financial service centers and leading enterprises to carry out hierarchical classification, accurate and effective market cultivation, summarize and promote typical hedging cases, guide more industrial chain enterprises to become familiar with and use futures and options tools, and continuously improve the quality and efficiency of the futures market in serving the high-quality development of the pulp and paper industry.
