Commodities call for Chinese prices

March 24, lead futures listed on the Shanghai Futures Exchange, the first transaction price fixed 19230 yuan, opened this year's new varieties of Commodity Futures market "debut" Prologue. It is understood that the Dalian Commodity Exchange Coke futures were approved, Zhengzhou Commodity exchange of methanol futures are declared.　　Into the 2011, Commodity futures into the expansion of the "fast track." China's influence on the world increasingly far-reaching, but also the need for "Chinese price" for the futures market, new varieties listed is a hot topic.　　Among the many commodities, why is the "flower-Fall" lead and Coke?　　Shangfu, vice president of China Nonferrous Metals Industry Association, said that 2010 China's lead production has reached 4.2 million tons, accounting for about 46% of the world's total production, 18 consecutive years in the world's first, lead consumption of about 3.95 million tons, accounting for the world's total consumption of 44%, the world's first in 10 consecutive years. It is very disproportionate to this, as the production and application of large countries, the price of lead in China depends on the London Futures exchange's "face." Previously, foreign investors and related lead companies were highly concerned about the "Chinese factor" in pricing lead, while Chinese-related lead companies were forced to use London futures prices to settle the embarrassing situation. "China's price is more important when the impact of Chinese factors on the world becomes more far-reaching."　　"National Gold Futures general manager Assistant Jiangmingde said." With the listing of lead futures, the price of domestic market will be more efficient and authoritative, China's lead futures prices will become an important reference for the international pricing system, the "Chinese factor" in the global pricing status will be fully reflected.　　So far, China's non-ferrous metals in copper, aluminum, lead, zinc four varieties have a futures market. Coke is also very similar. China is the world's first coke production, consumption and export power.　　According to statistics, 2010 the national production of 387.57 million tons of coke, export 3.35 million tons, import 110,000 tons, domestic apparent consumption of 384.33 million tons, of which about 85%-90% for steel metallurgical industry consumption.　　Liu Xingjiang, general manager of big business, said that Coke has a clear industry policy, sound laws and regulations, the stability of natural properties, convenient warehousing, transportation, delivery and high degree of market-oriented characteristics, is very suitable for the development of futures trading. He also said that for the big business, the development of Coke futures market is also a big business from the agricultural Exchange to a comprehensive exchange of strategic planning, the future listing of Coke Futures will make large business futures varieties from agricultural products, petrochemical varieties to expand to new areas of energy,　　Thus will lay the position of the big business in the energy industry service.　　Sharp fluctuations in spot prices call for more futures varieties from the perspective of the relevant industry sector, in recent years the sharp fluctuations in commodity markets, so that they have to lead futures and Coke Futures long-awaited. Enterprises in this area feel particularly profound. Superintendent, general manager of Zhuzhou Smelting Group, who participated in the first trading of lead futures, said that due to the imperfect domestic market system, lead enterprises lacked fair value platform and effective risk aversion, and the ability to evade price risk was seriously inadequate, producingBusiness is severely restricted. Lead trading companies also repeatedly applauded. Shanghai Jing Sheng Materials Co., Ltd. General manager Li Zhihua introduced, his company is specialized in non-ferrous metals trading Company, copper, aluminum, zinc, lead are involved.　　No lead futures, lead prices do not have to go to the highest, the price is not to the minimum to buy quickly, buy and sell the price of information is basically rely on one to find out, the basic and real needs deviate, so that resources have not been effectively configured. Galaxy Futures general manager Yau Guang talked about, after the introduction of lead futures, the market gathered a lot of information and a large number of funds, a large number of participants and transactions active, contract design norms, market supervision in place, can avoid artificial control, can also avoid excessive speculation, conducive to the formation of "Open, fair and impartial"　　This is most helpful to the business. For Coke-related enterprises, in recent years has also been plagued by sharp fluctuations in prices.　　The price of Coke in Shanxi has risen from 1500 yuan/ton at the end of 2007 to 3200 yuan/ton in summer of 2008, and then fell back to 1300 yuan/ton at the end of 2008.　　China Coking Industry Association president Huang Jingan, at present, China's iron and steel enterprises to use more than 1/3 of Coke from the spot market procurement, that is, the coking industry in China to produce more coke in the form of commodity coke into the spot market sales, and therefore highly susceptible to upstream raw materials prices or downstream users of the market fluctuations in Shanxi Antai International Trade Co., Ltd. general manager He Hibin said that in the past, Coke enterprises in the face of the spot market price fluctuations, basically there is no effective way to circumvent, can only rely on their own short-term changes in the direction of the market a judgment.　　Coke futures listed, can lock the long-term cost of raw materials, play a smooth coke, steel market role. "Big contract" means to curb excessive speculation although last year the Commodity futures market did not have new varieties listed, but the hot market trading is still fresh. According to statistics, last year commodity futures traded 3.04 billion hands, the transaction amount of 227 trillion yuan, year-on-year growth of 40.9% and 73.9% respectively.　　This shows that the futures market in China's huge development space, but also shows that the market speculation atmosphere is still strong.　　For this listing of lead futures, there is also a concern for the characteristics of the "big contract." It is understood that the lead futures contract for the first 25 tons, and the previous metal futures varieties, such as copper, aluminum, zinc, and so on, only 5 tons. With the current price of lead futures 19,000 yuan, to do a hand transaction requires nearly sixty thousand or seventy thousand yuan of money. At present, the trading of the primary zinc need about 14,000 yuan, rebar only need about 7000 yuan.　　By contrast, lead futures are "expensive". Expert analysis, the big contract raised the threshold of the futures market, to curb speculation in the futures market has a positive role.　　In the future, "big contract" will become the trend of development, lead such "Leviathan" will be more and more, and industry customers will become the "big contract" era of the most market-favored participants. The head of the previous period reminded investors that lead futures were in contract design, hedging, limit positions andDelivery system and other aspects are more than copper and aluminum zinc has a lot of innovation. This objectively requires investors to fully understand the lead industry policy and spot market operation characteristics, familiar with the contract rules of lead futures, improve risk awareness.