Shandong Xinqiujing Metal Material Co., Ltd. Share to accelerate the internationalization of nonferrous metal futures market
发布时间：
2023-06-01 10:16
On the afternoon of May 25, the 20th Shanghai Derivatives Forum Non-ferrous Metal sub-Forum was held in Shanghai. Chen Xuesen, deputy chairman and spokesman of the China Nonferrous Metals Industry Association, said the futures market has provided an important guarantee for the smooth operation of China's nonferrous metals industry.
Chen Xuesen said that over the past three decades, China's non-ferrous metal industry and futures market have influenced and promoted each other and developed together. The futures market's ability to serve the real industry has been improving, and the integration of industry and finance has provided important support for the transformation and upgrading of the non-ferrous metal industry, stable production and management, and high-quality development.
It is mainly reflected in the following three levels: First, at the macro level, the futures market provides decision-making reference for the national macroeconomic regulation, industrial policy formulation, industrial operation monitoring, etc. The futures price has become an important reference index for the national monitoring of the non-ferrous metal market.
Second, at the industry level, the price discovery function of futures has improved the efficiency of market allocation of non-ferrous metals resources and the market competitiveness of China's non-ferrous metals industry. The previous period has become one of the three pricing centers of non-ferrous metals in the world, and the copper futures price has become the pricing benchmark of spot trade of China's copper industrial chain. When the outer board of nickel futures suspended trading in March 2022, the futures firm provided price guidance to the world and guided them back to fundamentals when the outer board resumed trading.
Third, at the enterprise level, the rational use of hedging instruments has improved the risk control ability of real enterprises, and become an important means for large and medium-sized non-ferrous metal enterprises to avoid market risks, stabilize production and operation, improve quality and efficiency. Throughout the crisis moments clouded by the market, such as the global financial storm caused by the US subprime mortgage crisis in 2008, the European sovereign debt crisis from 2010 to 2012, the US dollar interest rate hike and RMB exchange rate reform in 2015, and the European and American interest rate hike in 2022, the international financial markets, including the securities market and metal futures, have been greatly shaken. However, because non-ferrous metal enterprises participated in the futures market earlier and made full use of the futures market to manage risks before and after the crisis, they effectively dealt with the impact of these financial crises. According to relevant statistics, the top 50 backbone enterprises in China's non-ferrous metal industry in terms of revenue have all participated in the futures and derivatives market, and more than half of the more than 130 listed non-ferrous metal companies in China use futures and derivatives to avoid risk.
He said wide and even sharp fluctuations in non-ferrous metal prices are normal. The non-ferrous metal industry has the typical characteristics of high marketization, internationalization and financialization. In addition to the normal market supply and demand and cost fluctuations, the price is also significantly affected by various major international "black swan" and "gray rhinoceros" events and the fluctuations of the US dollar index. It is difficult to avoid wide fluctuation of non-ferrous prices, which puts forward higher requirements for the production and management of enterprises and the ability to prevent risks.
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