Jiaozuo Si Xiaoguang: Enterprises must cooperate with the spot to consider it in conjunction with the spot

[Dahe Daily · Dahecai Cube] (Reporter Zhang Keyao intern Liu Jiahui) On August 1, the "Futures and Derivation Method Law" was officially implemented. On the first day of implementation, under the guidance of the Henan Securities Regulatory Bureau, the Dahe Cai Cube Investment Education Base and Henan Securities Futures Fund Association hosted the "Study" Futures and Derivative Methods ", serving the live broadcast of the Henan real economy, and Jiaozuo Wanfang The director of the futures of the futures business of Aluminum Co., Ltd. (hereinafter referred to as Jiaozuo Wanfang) is connected to Dahe Cai Cube live broadcast room to share the contents of the company's participation in futures transactions, setting value preservation and physical delivery functions.

Si Xiaoguang introduced that the company participated in the futures business earlier, and the main participation methods were hedging and physical delivery. "The principle of value preservation in the period is very simple, that is, in the case of relatively fixed costs, in order to achieve the company's operating goals throughout the year, sell value in the futures market, and then gradually liquidate the position as the spot sales." Si Xiaoguang said that Si Xiaoguang said Essence

Si Xiaoguang believes that the preservation of the hedging is to change the risk of fluctuations in spot price to the basis risk between spot and futures prices. There are two prerequisites for enterprises to participate in the hedging. It may affect the completion of the company's operating goals.

In terms of physical delivery, Si Xiaoguang said that there is no problem of market judgment in the physical delivery, because the physical delivery is based on the basis of the basis and pursues the relative income. "Storage, time cost, etc.), you can choose the futures delivery business.

In special circumstances, physical delivery can also increase sales channels. For example, Si Xiaoguang, for example, during the Spring Festival, downstream consumption is stagnant and spot sales are difficult. At this time, companies can choose futures delivery to complete sales.

Si Xiaoguang said that on the one hand, participating in the futures business can help the company achieve relatively stable operations, because futures can achieve peak -to -peak -to -valve, especially when encountering extreme markets, it can ensure that the company's basic operation is normal.

Si Xiaoguang recalled that in early 2020, the aluminum market is about to usher in the traditional consumption off -season, electrolytic aluminum spot sales are difficult, and aluminum prices are probably lower. Based on the above analysis, the company has made a time preservation of products during the Spring Festival, but in 2020, in 2020 Before and after the Spring Festival, the sudden new crown epidemic was coming. It was almost the nationwide pressing keys. The price of aluminum futures plummeted all the way, from the lowest near 14,000 yuan to nearly 11,000 yuan. As a result, the electrolytic aluminum industry was seriously losing money. Many companies have difficulty in cash flow. The company has made a hedging, and the spot price loss can be made up in the futures market, maintaining the company's normal operation.

Si Xiaoguang said that on the other hand, through the physical delivery of the futures market, while expanding sales and procurement channels, it can also help the company to achieve certain economic benefits, because the main basis for whether the physical delivery is the basis of the spot basis. In other words, it is to make the method to maximize the benefits.

For companies who want to participate in the futures business, Si Xiaoguang puts forward four suggestions:

First, the starting point must be correct. If you think about the purpose of the participation, the futures have no function to make money. The main function of the futures is the hedging and price discovery. In conjunction with the spot to consider the entrance; the third is to strictly adhere to discipline, adhere to the original intention, and do not carry out speculative transactions; the fourth is that before conducting futures business, it is necessary to design a relatively reasonable and operable futures value preservation solution.

It is understood that Henan Province has a complete aluminum industry chain and is a traditional aluminum processing province. Jiaozuo is located in Jiaozuo City, adjacent to Shanxi, and has a relative geographical advantage in the procurement side of raw materials such as coal, alumina, pre -baking anode. It has several downstream aluminum processing enterprises in the surrounding area. The customer group is stable and the sales cost is low.

Jiaozuo Wanfang is an earlier group of electrolytic aluminum production enterprises in China. It was listed on the Shenzhen Stock Exchange in 1996. The main products of Jiaozuo Wanfang are electrolytic aluminum and aluminum alloy products. The production capacity is 420,000 tons of electrolytic aluminum, aluminum alloy products 50,000 tons, the current electrolytic aluminum operating capacity is 370,000 tons. The Wanfang brand aluminum ingot is a registered brand of Shanghai Futures Exchange and LME (Note: London Metal Exchange).

Responsible editor: Tao Jiyan | Review: Li Zhen | Director: Wan Junwei

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