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Glass futures: good rhythm Seize the opportunity
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Glass delivery factory library "scriptures" investment institutions
Glass enterprises distress -- the heart is unable to do
One day in June, jin jing science and technology futures, head of JiaoYongGang as usual, came into the office in the early morning calls from the sides of the glass market consulting. But he is confused, in so many calls, investment company, is not to be seen.
Doubt, because the glass futures listed the first year, investment company is "the most enthusiasm", JiaoYongGang received their call almost every day. Due to the investment institutions in other breeds with mature experience and business processes, they are asking prices at the same time also can a certain guidance to the operation of the glass enterprises. But for nearly a year, such calls less and less, sometimes even don't have a half month.
Has similar feelings with JiaoYongGang glass enterprise is not a few, with investment company for glass futures participation "cool" gradually, enterprise the farther the distance between the fall with them.
Although glass enterprises to participate in futures has natural advantages, but as a result of participation in professional level is limited, many enterprises is very upset.
"On the glass in the futures business operation at present is still not very professional." According to JiaoYongGang, most glass enterprise personnel of futures is slowly cultivating the internal spot sales personnel, are more familiar with the fundamentals, and but in macro, technical, professional futures has obvious deficiency, the operation will be more conservative; Another part of the enterprise from the futures industry or recruiter is responsible for futures investment industry, this part of the futures market is more familiar, but for deeper understanding of the fundamentals, the futures operation may be from the enterprise the truth.
In recently, wuhan long glass in futures operation due to market judgment to eat a lot of losses. "Although we more studious, delivery of the warehouse receipt quantity is big, but this time didn't get to the good, hedging is not very successful." Wuhan long futures department responsible for the glass Wang Chengbin helplessly say, due to the economic bottom line, futures disk discount more time spot, spot enterprises want to get a higher margin of safety is not an easy sell insurance time. Ways and methods of the hedge is indeed a need long-term effort to delve into the "homework".
It is understood that the glass enterprises to participate in the futures market mainly by hedging in order to achieve the purpose of avoiding risk. Futures price premium on the spot is the best state, the operation is smooth, but some times, due to the spot market changes frequently, using futures hedging requires companies to have a high level of period is now operating skills, this is what spot enterprises need to learn to the investment company.
In addition, glass enterprises to participate in futures also restricted by concept, system. It is understood that big enterprise strict in system process, decision of examination and approval links, easy to loss of market opportunities. And most for a comprehensive understanding of the futures market, the enterprise leadership may also affect the timeliness of decision-making.
In addition, due to the excess capacity is still in the glass industry and bank lending to the glass enterprise, also caused some impact to the enterprise marketing activities. "In traditional period now hedge other goods, for example, when the spot appeared ZhangKu, traders can quickly establish hedge in the futures positions, the spot is registered as a warehouse, and warehouse receipt pledge in cash, after ensure liquidity." Relaxation is introduced, but the glass, traders holding cash positions cannot be registered into the warehouse receipt, even registered into warehouse receipt pledge in shahe area can also be difficult to find bank. After some agencies operating in the process, only to find bank to this part of the warehouse receipt pledge is in east China.
Trend, pay close attention to, in addition to that of other investment institutions
Reporter learned from the mouth of the glass companies, investment institutions gradually produced a certain distance with them. What is the reason?
"Before the position of hundreds of thousands of hand quite easily, I feel hard now tens of thousands of hands." Talking about this for two years at the glass board on the feeling, the relevant person in charge of the wing of the national wealth cannot hide in the heart of anguish.
Indeed. Because of the glass in nearly a year the futures price fluctuation is reduced, investment opportunities become weak gradually, and other varieties of investment opportunities appear alternately, investment institutions to the varieties of glass participation declined.
Since listing, the reporter understands, glass futures trading activity is larger at the beginning of the public in 2014 and the September and October. Holdings biggest mainly concentrated in September and October 2013 and October 9, 2014.
Glass futures listed in the early to coincide with the urbanization is becoming a hot spot market, the price volatility is larger, attracted a lot of short-term capital flows. In early 2014, the glass is falling at the start of rare opportunity to short to futures disk, and attracted a large number of trend funds to participate in. Especially in July 2014 - October, because many empty show big differences between the two sides, glass futures back in the day of millions of hands clinch a deal.
However, since the November 2014 to May 2014, the spot price in the bottom of the oscillation, glass futures volatility decreases, investment opportunities are harder to show.
"Glass price recent volatility is not obvious, the difficulty of capital operation in this breed." The relevant person in charge of a certain investment institutions admitted that the current stock, period refers to the market continues to boom, most investment institutions to adjust asset matching, temporarily reduce the commodity market.
According to guotai junan futures analyst relaxation, medium agencies to take positions in the glass futures operating on 20000 hand unilateral position need three days time, departure time also need to 2 to 3 days. The glass the present price fluctuation of unilateral time is roughly 10 days or so, operating space is very limited.
Institutional investors, however, has not weakened the attention to glass futures. In their view, as the "steady growth" measures and improvement in the external environment and economy in our country in the years to hit bottom is a big probability event. In this case, there have been some institutional investors hold a internal seminar, frequently want to layout glass futures ahead of schedule, good rhythm, seize the opportunity.