1. Q: What is the trading futures and trading hours of pulp futures?
The trading variety is bleached sulphate softwood pulp, the code is SP, and the listed exchange is the Shanghai Futures Exchange. The trading unit is 10 tons/hand, which is equivalent to the current PTA and palm oil futures contracts.
The delivery month is delivered monthly. Because there is no significant difference in the monthly demand for paper for most of the terminals. Monthly delivery is in line with the actual production situation of the paper industry, which is conducive to enterprises to use pulp futures for price risk management.
The trading hours, the last trading day and the other varieties in the previous period are the same. The continuous trading hours are from 9:00 to 11:00 on weekdays.
2. Q: What is the price limit for pulp futures?
From the spot price in the past ten years, the spot price of softwood pulp in the daytime fluctuations within 3% accounted for more than 99%. At present, the latest price limit of the exchange is no more than ±5% of the settlement price of the previous trading day.
3. Q: What is the trading margin and position limit?
The minimum trading margin for exchange pulp futures is 4%. Currently tentatively set at 7%. The margin will be 10% from the first trading day of the first month before the delivery month, 15% from the first trading day of the delivery month, and 20% before the last trading day. It should be noted that in order to reduce the position cost of industrial customers, pulp futures do not set rules for adjusting the margin ratio as the position size changes.
The limit for the delivery month is 300 lots, and the limit of the delivery month, the month before the delivery, and the general month is 300, 900, and 4500 hands in a ratio of 1:3:15. If an industrial customer needs to apply for a hedge amount, the exchange can theoretically meet any required amount that meets the actual situation.
4. Q: What kind of standard pulp spot can be used for delivery?
From the perspective of delivery grade, pulp futures adopts the “quality standard + brand†dual certification as the pulp futures delivery standard. That is to say, if the exchange designates the delivery brand, it must also have a corresponding quality certificate. The standard warehouse warehouse bleached kraft pulp should be produced by the same manufacturer.
The three indexes of tensile strength, fracture resistance index and tear index in the quality standard of bleaching needle pulp for physical delivery meet or exceed the needle in QB/T1678-2017 "Coniferous wood pulp in bleached kraft pulp" The quality of the first grade of leaf wood pulp. The dust index is not more than 10mm?/kg and the D65 brightness index is not less than 87%.
At present, the initial certification of pulp delivery includes Ukrainian needles and wood needles from Canada, Northwood, Kelly, Moon, Lions, and Horses in Canada, Pacific Ocean and Silver Star in Chile, and Finnish in Finland. It involves 14 factories in 11 brands in four countries.
In 2017, the total import volume of China's bleached sulphate softwood pulp was 8.127 million tons, and the domestic dependence on foreign countries reached over 99%. The designated import brand is about 3.75 million tons. These brands have price differences, and the actual price of late delivery may involve brand premiums and discounts. There may be arbitrage opportunities! Among them, Beimu is the most expensive, black needles and wooden needles are relatively cheap, and the rest of the brand prices are in the mid-range. The brand price difference can be as high as 700 yuan/ton in history.
5. Q: How do you determine the pulp delivery standard?
When in storage, it needs to be inspected by the designated inspection agency. The inspection agencies recognized by the Exchange include Shanghai Entry-Exit Inspection and Quarantine Bureau, Shanghai Zhongchu Materials Co., Ltd., Shandong Entry-Exit Inspection and Quarantine Bureau, Guangdong Entry-Exit Inspection and Quarantine Bureau, and Tianjin Entry-Exit Inspection and Quarantine Bureau. As long as any of the indicators are not up to standard, you cannot register as a warehouse receipt. Inspection may require re-examination if there is an objection. The testing fee is announced one week before the listing.
6. Q: Can I enter the warehouse after the inspection is completed?
The inspection will enter the verification process if it meets the required standards. The necessary documents for the delivery of goods include the inspection certificate issued by the inspection agency designated by the exchange, the customs declaration form for import goods consistent with the physical object, the special payment certificate for customs value collection, the certificate of origin (certificate of origin), the certificate of product quality, etc. material. After the material review is completed, the acceptance warehouse receipt can be issued.
7. Q: What is the weight standard for delivery?
The delivery unit is 20 tons of air dry weight per standard warehouse receipt. Delivery should be delivered in multiples of each standard warehouse order. The calculation formula for air dry weight is gross weight * (1 - water content) / 90%. The pulp packaging specifications for the circulation trade in the market are 1.2 tons, 1.86 tons and 2 tons, and the delivery unit has a design of 20 tons. It can cover the gap of 5% or less and the weight error is less than ±1%. Packaging specifications for all pulp on the market.
8. Q: Where is the delivery of pulp?
The principle of setting up the delivery warehouse is set according to the principle of the place of consumption and the priority of the distribution center. Among them, Qingdao Port has the largest import volume of 1.498 million tons of needle pulp, accounting for 22.1% of the total imports. The sum of imports from Qingdao Port, Changshu Port and Shanghai Port accounted for 43.8% of the total imports of bleaching needle pulp. The initial delivery warehouse was selected in Shandong and East China. Later, with the expansion of storage capacity, the location may be extended to Guangdong and Baoding.
9. Q: How long is the warehouse receipt valid?
If it involves delivery, the imported bleaching needle should be put into storage within six months from the date of arrival, and the validity period is the last delivery month of the second year of the arrival date. If the due date has not been delivered, the exchange will automatically cancel the warehouse receipt and convert it to spot.
10. Q: What should I pay attention to when the pulp comes out of the warehouse?
The settlement is short and loss compensation within 3 working days after the warehouse receipt is generated. Subsequent picking and delivery confirmations are consistent with other exchange types. If a quality dispute is involved, the buyer can apply to the delivery warehouse within 10 working days and issue a quality assessment conclusion of the inspection agency.
11. Q: What is the physical delivery process of pulp?
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