There Is No Shortage Of Game Stories In The PTA Industry Chain.

Last year, the spot three giants "alliance price" and downstream "crusade", the PTA industry chain battle again.

This year, the market has focused its attention on the positions and warehouse receipts of PTA futures.

Speaking of warehouse receipts, to some extent, the number of changes reflects the function of the futures market as a "reservoir and pressure reducing valve" in the spot market.

The futures market can stabilize the fluctuation of spot market price and promote the steady operation of enterprises through the change of warehouse receipts.

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When rising, enterprises will buy and maintain value in the futures market to avoid the risk of rising prices, and the warehouse receipts will tend to decrease.

Besides hedging, the current arbitrage behavior of enterprises also directly affects the change of warehouse receipts.

The current arbitrage window will open when the current price difference is large enough.

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Enterprises will actively sell futures contracts and register large quantities of futures warehouse receipts.

The existence of this current arbitrage finally effectively guarantees the smooth return of the current price difference at the expiration date of the futures contract.

However, Sun Hong, deputy general manager of Hengli Petrochemical (Dalian) Limited, doubts that, compared with previous years, the market has signs of signing the warehouse receipt to the contract in May since January.

According to her introduction, enterprises in the past years will be registered in the near delivery month, but this year the whole progress is ahead of schedule.

"This shows that there are more sources of goods at the beginning of this year. The participants will rush to deliver the goods as soon as they see the price is right."

Sun Hong said that this move has enhanced the function of the future reservoir.

Reporters learned that in March this year, PTA warehouse receipts continued to rise, from the beginning of March to more than 4 to 90 thousand.

At the end of March, in order to meet the normal demand for delivery in the market, Zhengshang extended the PTA delivery warehouse.

In mid April, the total volume of PTA futures warehouse receipts increased to a maximum of 175 thousand pieces, totaling 875 thousand tons of PTA cargo.

The expansion of the reservoir capacity in the futures market effectively alleviated the high inventory pressure in the spot market.