Expert Comment: Zheng Shang Modifies Cotton Futures Contract Influence Limited.

< p > according to the new national standard of < a href= "//www.sjfzxm.com/news/index_c.asp" > cotton < /a > promulgated in 2012, the Zhengzhou commodity exchange has modified the relevant provisions of the first cotton futures contract, the delivery rules and the standard warehouse receipt management method.

The revised new contract and rules have been implemented since the CF1311 contract.

Yesterday, the CF1311 contract was formally launched.

Experts said that the move was consistent with the new national standard of cotton and had little effect on the a href= "//www.sjfzxm.com/news/index_cj.asp" > cotton price < /a >.

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< p > < strong > corresponding to the new cotton national standard < /strong > < /p >.

< p > Zhengzheng's amendment No. a href= "//www.sjfzxm.com/news/index_s.asp" > cotton futures < /a > Contract and its rules are mainly in keeping with the new cotton national standard promulgated in 2012, making cotton futures better combined with the spot market and further promoting the function of the futures market.

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The "P" reporter learned that Zheng was mainly to modify the standard delivery of the No. 1 cotton futures contract.

The revision mainly involves the first cotton futures contract of Zhengzhou commodity exchange, the futures delivery rules of Zhengzhou commodity exchange and the standard warehouse receipt management method of Zhengzhou commodity exchange.

Among them, the detailed rules of delivery and the management of warehouse receipts should be amended more.

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< p > East Asia Futures analyst Xu Zhou believes that the cotton contract rules revised by Zheng are mainly corresponding to the new cotton national standards issued by the previous countries.

The new cotton national standard has revised the grading of cotton, so the benchmark delivery products are also different, and the premium has also changed.

This change is more close to the international level, and is more conducive to cotton delivery.

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< p > due to the implementation of this amendment from CF1311, it has little effect on cotton contracts of CF1301, 1303, 1305, 1307 and 1309.

However, what needs to be concerned is that the time limit for canceling the cotton warehouse receipt registered in 2012/2013 is cancelled in thirteenth trading days in September 2013 (including that day). Since September 2013 the fourteenth paction date has been accepted for the warehousing forecast of cotton production in 2013.

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< p > "this means that there will be two cancellations of cotton warehouse receipts this year. For the first time, it will cancel the cotton warehouse receipts for 2011/12 in March of 2013, and the second time in September September will cancel the cotton warehouse receipts for the year of 2011/12".

Huang Ting, a futures analyst at new century, told reporters.

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As of P, as of Monday, Zhengshang has registered 477 cotton warehouse receipts for 2011/12, 32 cotton warehouse receipts for 2012/13, and a total of 20 thousand and 400 tons of cotton.

For the time being, cotton warehouse receipts have less pressure in the late period, so once the futures price of the latter is greatly cut, there will be a better buying opportunity.

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< p > < strong > contract modification has little effect on cotton price < /strong > < /p >

< p > cotton futures contract has been changed. Experts believe that the impact on cotton prices is not large.

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"P >" cotton price is determined by its own supply and demand side. This revision has little impact on prices.

But after the contract is amended, it will be closer to the spot market, and the enthusiasm of market participation will be enhanced, which will be more conducive to the price discovery function and hedging function of the futures market.

Xu Zhou said.

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< p > Shanghai mid-term analyst saw thunder also indicated that after the change, the cotton warehouse receipt scope is wide, the discount is more meticulous, more appropriate to the spot practice, and also has certain help to the spot enterprise's current arbitrage.

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< p > recently, cotton is still mainly loose, stock is still high, and downstream demand is not improving.

Market rumors, the state will throw away on New Year's day, once the trip, the cotton market will form a greater pressure.

At present, the only good thing is that after the purchase and storage of cotton, the market is less cotton, prone to phased supply is tight, may boost short-term cotton prices.

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