World's first methanol futures contract successfully listed
Industry believes that this move will help strengthen international pricing power and promote industrial risk management
The methanol futures contract, which has attracted much attention from the industry, was successfully listed on the Zhengzhou Commodity Exchange on October 28. This is the world's first methanol futures contract, which provides a good opportunity for the methanol industry in China to increase its international pricing power. The first day of trading opened higher across the board, with a range of more than 100 points. The total volume of 8 contracts for methanol has exceeded 5,680 contracts. Industry experts agreed that the futures trading will become a benchmark for China's methanol prices, and its successful listing will push more chemical products into the futures market.
China is the world's largest producer and consumer of methanol. Currently, methanol production capacity, output and consumption rank first in the world. According to statistics, in 2010 methanol production reached 15.75 million tons, accounting for more than 30% of the world; apparent consumption reached 20.93 million tons, accounting for more than 40% of the world.
According to analysis by industry experts, there are a large number of downstream companies with methanol-based raw materials in China, and their products cover a wide area. In recent years, due to the impact of rising international crude oil prices, domestic coal prices have risen, raising the production costs of methanol; at the same time, in the Middle East, The low price of natural gas as raw material also has an impact on the Chinese market. The price fluctuation of methanol has been severe and the loss of the company has continued to be serious. Relevant production, consumption, and trading companies have always faced greater operational risks, and they urgently need to use futures trading functions to achieve the objective of stabilizing production and securing profits.
Li Shousheng, executive vice president of the China Petroleum and Chemical Industry Federation, said: "Zhengshang's introduction of methanol futures has a profound and far-reaching significance in promoting the development of China's petrochemical industry and market system, and enhancing China's presence in the international petrochemical market. The pricing power has a high demonstration effect on the entire petroleum and chemical industry. It not only adds a new investment type for the futures industry, but also provides a joint point of risk management for the petrochemical industry."
Henan is currently the province with the largest methanol production capacity in the country, and Zhongyuan Dahua, under the Henan Coal Chemical Group, has been approved as a designated methanol delivery warehouse. At the same time, the designated designated delivery warehouses are: Yankuang Coal Supply and Marketing Co., Ltd. and Xineng Phoenix (Tengzhou) Energy Co., Ltd.; designated delivery warehouses are Taicang Yanghong Petrochemical Co., Ltd., Changshu Huihai Chemical Storage Co., Ltd., and Nantong Qianhong. Petrochemical Port Co., Ltd., Nantong Chenghui Petrochemical Co., Ltd., Jiangsu Donghua Energy Storage Co., Ltd., Jiangyin Huaxi Chemical Terminal Co., Ltd., Jiangsu Haiqi Chemical Storage Co., Ltd., Jiangsu Jinxiang Petrochemical Co., Ltd. The above-mentioned designated delivery warehouses and factory warehouses began to accept applications for delivery forecast and warehouse receipt registration from January 1, 2012.
It is worth noting that Chengshang Methanol Futures adopts the delivery method of “standard warehouse receipts designated delivery warehouse + factory warehouseâ€, which is the reform and innovation in the history of futures. In addition, methanol futures is also the first hazardous chemical futures category in the national futures market, which will provide more experience in exploring futures trading in chemical products.
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