Teng Jiawei: "China Price" has been integrated into the international non-ferrous metal pricing system

The 12th Shanghai Derivatives Market Forum was held in Shanghai. Teng Jiawei, deputy general manager of the Shanghai Futures Exchange, said that in the past 20 years, the Chinese non-ferrous metal futures market has been operating steadily and steadily, and has made remarkable progress. The “China price” has been integrated into the international non-ferrous metal pricing system and has become an important global influence. One of the price discovery and risk management platforms.

In 2014, the futures contracts of the previous period totaled 842 million contracts on a unilateral basis, with a turnover of 63.24 trillion yuan, of which 126 million contracts were for non-ferrous metal futures contracts, with a turnover of 21.27 trillion yuan, a year-on-year increase of 58% and 18.8% respectively. They accounted for 15% and 33.63% of the total share of the company. According to the data released by the American Futures Association, in the previous period of 2014, it ranked 9th in the global derivatives exchange trading volume. Among them, copper futures ranked fourth in the global 20 largest metal futures options contract volume.

He said that in the past few years, the previous phase has always adhered to the policy of “innovation-driven, transformational development” and carried out a series of fruitful work in promoting the innovation and development of the non-ferrous metal futures market:

The first is to promote product innovation and enrich product structure. On March 27 this year, nickel and tin futures were officially listed for trading. After two months of listing, the market was running smoothly, customers were actively involved, the position structure was reasonable, and the market function was first revealed. The successful listing of nickel and tin futures not only expands the sequence of non-ferrous metal futures, but also further enriches the constituents of the non-ferrous metal index. With the continuous optimization of the preparation method, the non-ferrous metal index will be able to more accurately reflect the changing trend of the overall price of China's non-ferrous metals industry, providing a more scientific and effective decision-making basis for the government's macro-control and enterprise production and operation.

The second is to deepen industrial services and promote functional play. Since last year, the previous period has signed a strategic cooperation agreement with the China Nonferrous Metals Industry Association to carry out all-round and in-depth cooperation in the fields of new varieties development, market training, industrial services and cooperative research. At the same time, in order to increase industrial services, train inter-departmental and current professional talents, actively promote the construction of "non-ferrous metal industry training bases" and build a specialized training platform. On the basis of the existing 6 non-ferrous metal industry training bases, the number of training bases will continue to increase in the future, improve the national layout, and give full play to the role of training bases in cultivating markets and service industries. In addition, according to the actual situation and development trend of the transfer and upgrading of domestic non-ferrous metals industry, the previous period will study and optimize the national layout of delivery warehouses, promote the automatic identification technology to be applied in non-ferrous metal registered production enterprises and delivery warehouses, and adopt various measures to promote The function of non-ferrous metal futures is played.

The third is to explore the path method and promote the process of internationalization. Since the establishment of the Shanghai Free Trade Zone, the last period has not lost the opportunity to take the initiative to adapt to the trend of international development of the futures market. At present, all six major varieties of non-ferrous metal futures have carried out continuous transactions, realizing the internationalization of trading hours; the bonded delivery business has steadily expanded, and the pilot varieties have been extended to all futures products that have been listed. The pilot area covers Shanghai Yangshan Bonded Port Area and Shanghai Overseas Four customs special supervision areas such as Gaoqiao Free Trade Zone, Shanghai Waigaoqiao Bonded Logistics Park and Shanghai Pudong Airport Comprehensive Bonded Zone; overseas brand registration work continues to advance, and currently there are 30 copper, 3 aluminum and 1 zinc overseas brands successfully registered. Nickel overseas brand registration is also in progress.

Teng Jiawei also said that as China has entered the new normal of economic development in the "three-phase superposition", the pace of adjustment and upgrading of the non-ferrous metals industry has accelerated. In the next step, the previous period will firmly grasp the rare opportunities brought about by the “One Belt, One Road” national strategy, comprehensively and solidly promote various tasks, give full play to the functional role of the futures market, and focus on the following work in non-ferrous metal futures. :

First, further accelerate product innovation to meet the needs of various investors. We will vigorously promote the innovation of derivative products such as copper futures options, non-ferrous metal index futures and non-ferrous metals index ETFs, and carry out research and development of aluminum alloys, alumina and other reserve varieties.

The second is to optimize the market mechanism and improve market efficiency. Further optimize the trading, settlement and delivery mechanism, study the preferential policies of hedge insurance deposits and handling fees for non-ferrous metal industry customers, reduce the cost of enterprise hedging, encourage and absorb domestic large and medium-sized non-ferrous metal enterprises to avoid market risks and stabilize production and operation.

The third is to explore the current combination of ways to better serve the real economy. Starting from the warehouse receipt transaction, we will study the warehouse order swap business, open up a new model for industrial customer service, promote the organic integration of non-ferrous metal futures and spot, on- and off-site, domestic and international markets, and better meet the diversification of physical enterprises. Risk management needs.

Fourth, under the overall strategic framework of the “Belt and Road” countries, the non-ferrous metal futures market will be opened to the outside world. In the last period, we will take the “One Belt, One Road” national strategy as an opportunity, relying on the favorable conditions of the construction of Shanghai International Financial Center and the free trade zone, and taking the listing of crude oil futures as a breakthrough to promote the policies of foreign exchange, customs, taxation, etc. Non-ferrous metal varieties; further study the entry path of foreign investors and the matching transaction, settlement, delivery system, and attract domestic and foreign investors to participate; further expand the scope of bonded delivery pilots, and study the will be bonded when conditions are met The warehouse business has gradually expanded to Asia Pacific, Europe and the United States. Through the benign interaction of information, strengthen the competition with the international market, form and promote the widespread dissemination and universal use of "China price", and enhance the authority and influence of China's non-ferrous metal futures price in the international trade pricing system.

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