Since 2014, large and medium-sized cotton trading companies in the international and inland areas have used the Zhengzhou cotton futures point price transaction model to promote and popularize the market between buyers and sellers. Fixed-price transactions have been affected significantly, and the decline in trading volume is inevitable. When traders purchase, they set the 3128 benchmark price and basis according to the main contract of Zheng Cotton, which becomes the prerequisite for the calculation and execution of the contract after being approved by the ginner and the cotton enterprise. For lint sellers, you can ask the buyer (buyer) to sell a short order in the main contract of Zheng Cotton in advance (the price of the pending order is proposed by the seller, and the buyer is only responsible for the price-based price). Usually, the empty order is placed once a day (in the disk). The price fluctuates sharply, and the seller proposes to place the order once in the morning and in the afternoon. Once the empty order is traded, the contract between the buyer and the seller is generated immediately, and the final transaction price of the actual delivery lint is calculated based on the basis set by the buyer (different quality) , The transaction price is quite different). For traders selling lint cotton, buyers such as textile mills also adopt the way of price point (recognizing the basis and benchmark price set by the trader). The preset price for multiple orders is proposed by the buyer, and the trader places an order (for the buyer) The lower the transaction price, the better), once the multiple orders are sold, the spot contract between the two parties will be established. So what impact does point price trading have on both buyers and sellers? First, purchasers such as upstream ginners (sellers) and downstream textile mills are required to have a higher ability to judge market trends and market fluctuations. If the operation is correct, the profit will be significantly higher than the fixed price contract. In comparison, under the situation that Zheng cotton and cotton spot are in an upward channel, which is favorable for centralized cashing, point-price sales are more beneficial to cotton processing enterprises. The upward push of short-covering is generally in the final stage of the market. ; While Zheng Mian continues to fall, downstream buyers are more suitable to adopt the point-price procurement model to keep costs down as much as possible. However, the point-of-price model has elements of market gambling and gambling judgment, and it is very forward-looking. It needs to have a good understanding of the entire industry chain, domestic and foreign market conditions, and external factors before it can be used. Once the price is too high or too low, it is likely to miss the opportunity . Second, for cotton traders, the income is relatively stable, and there is an opportunity to make a larger spread. According to the survey, in recent years, except for a very small number of cotton companies that buy and sell completely according to the point price model, most of them have point price purchases. However, taking advantage of Zheng Cotton’s sharp drop, the short order was closed and the price was reduced to sell the spot. In order to realize the 'one positive and one negative' operation as soon as possible, the traders flatten the insurance policy while shipping at a fixed price of 100-200 yuan/ton lower than the market price. The profit is significantly higher than the simple point price collection and point price. Sale. Some companies believe that if they operate strictly according to Zheng Cotton's point price, cotton traders can only deduct financial costs and transaction fees, etc., the income can only be relatively stable. Third, the ON-CALL point pricing model needs to be fully standardized and promoted. Compared with the ON-CALL model of ICE futures, domestic cotton spot trading has just started, and there are still many aspects that need to be rectified and regulated. For example, cotton traders (including international cotton merchants) usually set their own cotton basis and benchmark prices based on their own purchasing situation, capital situation and judgment on market conditions. It is common for the price difference between companies to reach 100-200 yuan/ton ( The premiums and discounts formulated by companies such as horse value, breaking strength, length, rolling quality, etc. are obviously different. Generally, the premium is lower than the Zheng cotton standard; the discount is much higher than the Zheng cotton standard, and traders can earn more profits) ; And most of the ginning factories and cotton-using enterprises are newcomers to the ON-CALL method, and they are still in their infancy. They need to learn and adapt to the rules and methods formulated by traders. If the system is unified and standardized, it will affect the entire cotton and cotton The textile industry is very positive. Article Keywords: Cotton Cotton Yarn
