The hottest glass futures trading active spot ente

2022-08-05
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Glass futures trading is active, and spot enterprises are actively testing the water

recently, the spot price of glass is strong in the South and weak in the north, and the differentiation is intensified. The futures price is strongly driven by the rise of spot price in the south. However, as the overall market demand enters the off-season, the north-south differentiation trend of spot prices will begin to repair in the near future. Before the Spring Festival, there is limited room for the rise of the spot price of glass, and the spot operating enterprises mostly take a wait-and-see attitude towards the purchase and sale, and begin to close. ② according to the characteristics, it can be divided into several categories: ultra-low temperature, foaming type, anaerobic type, conductivity, high temperature resistance, high barrier, anti-aging, anti-media, anti slippery agent composite polyurethane adhesive, etc; Note: new opportunities brought by futures market

the price differentiation between the north and the South will be repaired, Mainly low-level consolidation

on New Year's Day "Since the combination of the national and local plans, the trend of domestic glass spot prices has become more and more differentiated. The prices in the South have continued to rise, while the performance in the North has been weak. The main factor causing this situation is demand. As the Spring Festival approaches, the construction projects in the South have accelerated, driving the spot demand. Compared with the south, due to the cold winter weather this year and the continuous snowfall, the demand is not strong, and the sales of production enterprises in the north are facing difficulties, mainly through price reduction and promotion. It is expected that As the project construction in the South draws to a close, the demand for glass will begin to fall, and the spot price in the South will also fall back. However, the price in the north is close to the low point in recent years, and there is limited room for further decline. Therefore, in the near future, the spot price in the South will be mainly callback, while the spot price in the north will be adjusted at a low level

the North-South spot price deviation is close to the limit, and it is expected that it will be mainly repaired in the next three months. In the same period last year, the spot price difference between Shahe safety and Jiangmen China Resources glass was 200 yuan/ton, but now it has reached 420 yuan/ton, which is obviously too large. In April last year, the lowest price of safe floating 5mm glass in Shahe was 1040 yuan/ton. At present, the price is 1080 yuan/ton, which is close to the three-year low. Supported by the cost and economic improvement, it is expected that the spot price in Shahe will fluctuate and consolidate around 1100 yuan/ton. Considering the factors of economic growth and potential capacity, the spot price in May remained at the current level. 4. There is a high probability of machining accuracy

active futures and spot enterprises actively test the water

compared with the situation of light transactions in the spot market, glass futures trading is active. Since the listing of the contract, investors have actively participated, and the trading volume and positions have reached new highs. At the same time, the attitude of spot enterprises has also undergone a fundamental change. Most of the enterprises visited in the early stage hold a wait-and-see attitude. Recently, we have continuously received customers' inquiries about the use of glass futures arbitrage and hedging, which shows that glass spot production and trading enterprises need to use futures for inventory management and future cash hedging and arbitrage

currently in the off-season of spot consumption, although the inventory level of glass trading enterprises is not high, their purchase intention is not strong. The futures market has expanded new inventory management channels. The person in charge of Chengshi glass, a leading glass trade enterprise in Anhui, said that it can accept the warehouse receipt holding fee of 4 yuan/day per hand. Once the futures price falls into the tradable range, it will consider building some positions, which will limit the downward space of glass prices

at present, the price difference between glass futures and spot is large, and arbitrage opportunities are prominent. Based on the current 1505 yuan/ton quotation of 1305, the main contract of glass, and taking into account the factors of premium increase and discount, Shahe safety basis is -255 yuan/ton, Shandong Jinjing technology basis is -125 yuan/ton, and Jiangmen China Resources basis is -125 yuan/ton. During our investigation, we learned that some spot enterprises have established or are actively preparing futures departments, and will actively test the water and cash arbitrage when the time is ripe

glass futures has a high degree of investor participation and a wide range of spot enterprise resources. It is believed that with the improvement of the market trading mechanism, the relationship between the two markets will become increasingly close. In the case of the weakness of the spot market, the activity of glass futures will open up a new channel for the operation of spot enterprises. The participation of spot enterprises will certainly promote the improvement and development of the glass futures market

(author unit: Guodu futures)

the content of this article is for reference only, and does not reduce environmental pollution and resource waste to form investment suggestions. Investors operate accordingly at their own risk

Zhonghua glass () Department

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