Preliminary manifestation of the full moon function of synthetic rubber futures and options listing
2023/8/30
From the operating situation, as of the close on August 28th, synthetic rubber futures have been operating for a total of 22 trading days, with a total trading volume of 1.1917 million hands and a total trading amount of 67.426 billion yuan; The closing position was 153700, an increase of 637% compared to the first day of listing. The structure of synthetic rubber futures contracts shows a far month discount state, with the price difference between the main contract BR2401 and the secondary contract BR2402 becoming increasingly stable, maintaining around 45 yuan/ton in the near future.
The synthetic rubber option has been running for a total of 21 trading days, with a cumulative trading volume of 3714000 transactions and a cumulative trading volume of 500 million yuan; The closing position was 27600, an increase of 651% compared to the first day of listing. The daily average trading volume of synthetic rubber options accounts for 33.78% of the daily average trading volume of the underlying futures during the same period, and the closing position of synthetic rubber options accounts for 17.99% of the closing position of the underlying futures.
According to reporters, 15 market makers have been introduced to synthetic rubber futures and 12 market makers have been introduced to synthetic rubber options. With the gradual implementation of market making functions, market liquidity has been effectively guaranteed, promoting the reasonable formation of market prices.
Lao Hongbo, Senior Vice President of Hangzhou Heat Union Group Co., Ltd., believes that synthetic rubber has more frequent price fluctuations compared to other chemical products. The listing of synthetic rubber futures and options provides a new way for the preservation of finished products and raw materials in the synthetic rubber industry chain, effectively avoiding the risk of price fluctuations in the production process of upstream and downstream enterprises, and increasing the channels for spot procurement and sales. This is conducive to the stable operation of upstream and downstream synthetic rubber enterprises, and improves the international competitiveness of domestic related enterprises.
Yan Bo, the head of options business at Shanghai Haitong Resource Management Co., Ltd., stated that since the listing of synthetic rubber options on July 28th, after about a month, the cumulative trading volume has exceeded 300000 hands and the liquidity is good. The volatility level is comparable to natural rubber, ranging from 16% to 19%, reflecting the accuracy and stability of synthetic rubber option pricing. The transaction ratio and holding ratio of options to underlying futures have also reached the level of mature varieties, indicating that investors are actively using option tools for risk management.
The relevant person in charge of the Shanghai Futures Exchange stated that in the next step, the Shanghai Futures Exchange will ensure the smooth delivery of synthetic rubber futures for the first time, assist in the functioning of the market, and continue to carry out market promotion and training work. At the same time, closely monitor the market operation status, optimize the rules of synthetic rubber futures and option contracts in a timely manner based on feedback from all parties in the market, strive to meet the risk management needs of the synthetic rubber industry, and better serve the development of the real economy.
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