PVC futures now a wave of volume and price trend rose forefront

　　Recently, with PVC (polyvinyl chloride) plastic futures as the representative of a wave of volume and price trend. Data show that 16 to 29 June, PVC futures contract price range of 1609 rose more than 15%, with gains in commodity futures forefront in the same period.

"Since the beginning of the domestic commodity basically at different levels of the rebound stage, like plastic varieties such good fundamentals, the recent rise in prices is a support base." New Era futures analyst Luo Lan said, the supply side, July and August due to the increase in equipment maintenance plastics, a corresponding reduction in supply. In addition, although the crude oil by the British "off Europe," the impact of the price decline, but the second quarter has been in the international crude oil rally, also led to the downstream petrochemical.

　　From the spot market, due to recent macroeconomic slowdown, factories upstream use of negative stock sales strategy, remaining oversold pattern, while intermediate stock traders in decline, while the downstream business also maintained with on-demand use the rules. "Two factors PVC inventories run low and increase exports superposition, resulting in lower overall domestic social stock, the price of the current period constitutes strong support." Wanda Watson Petrochemical Division Director MA Li-ping oil futures representation.

This year, the exports volume of PVC increased significantly. January to May 2016, China's PVC pure powder cumulative total exports of 46.9 million tons, compared to the same period a total of 338,000 tons of export volume last year increased 38.8%. Increase exports, reduce inventory this year PVC society played a greater role. According to the relevant person in charge of domestic plastic manufacturers Xinjiang Tianye, the first half of this year, the company PVC exports amounted to 210,000 tons, far exceeding last year's annual export volume of 30,000 tons, has received export orders in July of 40,000 tons.

　　PVC futures to achieve volume and price go, in addition supported by market fundamentals, but also inseparable from the implementation of the registered brand delivery system, the system to improve the futures market liquidity, improve industrial customers active participation play a good role. It is reported that, in 2009, listed listed at the beginning, PVC futures market activity is insufficient. On the one hand, the cash excess capacity led to price all the way down, limited participation of unilateral market under the market; on the other hand, PVC spot trading with distinct brand identity, but not framed futures delivery available for delivery brand range, causing futures prices Representative not strong, affecting the buyer in the futures market enthusiasm.

　　In this regard, the Dalian Commodity Exchange in 2015 to adjust the original PVC futures delivery system as recommended brands registered brand delivery system, only authorized by the Exchange to be able to take delivery of the brand, in order to further clarify the subject matter of delivery, and enhance the representativeness futures prices the system implemented since PVC1604 contract.

　　Since the implementation of the system, PVC futures contract prices gradually shift from premium to the spot premium spot. In early May this year, PVC September contract group difference (spot price - futures price) at 180 yuan / ton, up and down, to the group in early June spreads narrowed to 100 yuan / ton, the current group difference -245 yuan / ton in the vicinity. The ability to participate in future delivery of products represent the mainstream market, PVC prices both investors optimistic about the third quarter reflects the demand season, also reflects the corresponding product futures delivery registered brand upscale market rules.

　　At the same time, PVC futures trading activity is also gradually improved. This year, the average monthly trading volume of PVC futures reached 37.4 million contracts, an increase of more than 141.3%; the number of customers involved in legal year also increased by 62% this year. MA Li-ping said that this reflects the PVC futures price discovery function gradually recovered after market players return to the market to hedge operations.