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Liu Huajun made the above remarks at the “2010 Polyolefin Stock Market Spot International Summit†held in Ningbo, Zhejiang on the 12th. The forum was co-sponsored by Dashang Group and Yuanda Group, one of the largest chemical trading companies in China.
Liu Huajun pointed out that since the listing of plastics futures, China's plastics market system has been further improved, and the correlation with prices has continued to increase. Futures prices have gradually become an important reference for the industry. Some companies gradually changed the habit of quoting outside the market every morning. After delaying the quotation time until the opening of domestic futures, the futures market is affecting the traditional pricing model of the company.
Liu Huajun revealed that nearly 1,400 spot companies have so far participated in the plastics futures trading of the DCE. A considerable number of chemical companies in China have gradually built a risk control system with a spot-based combination, and successfully used the futures market to hedge their risks. The economic function of the futures market will be further developed in the future.
Liu Huajun said that as of the end of October, the volume of plastic contracts (LLDPE) was 9.2 million contracts, a year-on-year increase of 21%, and turnover was 4.85 trillion yuan, an increase of 33.6% year-on-year. LLDPE's market transactions were among all 23 commodity futures in China. Volume and turnover ranked 10th. The data also shows that the total volume of plastic contracts (LLDPE) and Pvc accounted for 17% of the total market of the major commercial banks, and the turnover accounted for 18%. LLDPE's turnover was 9.2 million contracts, a year-on-year increase of 21%. The turnover was 4.85 trillion yuan, an increase of 33.6% year-on-year. Among all 23 commodity futures products in China, LLDPE's market turnover and volume ranked 10th.
What attracts people's attention is that since 2006, the development of Dashang has entered the fast lane. In 2007, LLDPE futures were listed on the major stock exchanges, which changed the market pattern of DCE's past single agricultural products. From 2006 to 2009, its market volume increased from 241 million to 834 million. The turnover increased from 5.22 trillion yuan to 37.64 trillion yuan, achieving a leap-forward development. In the ranking of global exchange futures and options trading volume in 2009, DCE ranked 11th, which is the world's largest plastic futures market and the second largest agricultural product futures market.
Liu Huajun, deputy general manager of the Dalian Commodity Exchange, said recently that plastics futures prices have become an important reference for petrochemical companies. To date, nearly 1,400 spot companies have participated in the plastics futures trading of DCE. Some petrochemical companies postponed the quotation time to the opening of the futures market. The futures market is affecting the traditional pricing model of the company.