Wang Fenghai: constantly enriching the hedging tools of China's aluminum industry



Wang Fenghai: constantly enriching the hedging tools of China's aluminum industry


时间:2019-11-12 11:36:52 访问:


         On November 7, the "global aluminum industry trade and financial development forum" (hereinafter referred to as the forum) jointly held by Shanghai Futures Exchange (hereinafter referred to as the previous exchange) and Chalco was held in Shanghai. Wang Fenghai, deputy secretary of the Party committee and general manager of the Institute, attended the meeting and delivered a speech. Li Hui, member of the Party committee and deputy general manager of the Institute attended the meeting.

Wang Fenghai pointed out that as a global producer and consumer country, China's aluminum industry has a good foundation and strong demand for risk aversion. For a long time, the operation of aluminum futures market has been standardized and orderly, and its functions have been effectively played. The correlation between aluminum futures price and spot price has always been kept above 0.95, which is also highly related to overseas aluminum futures price. The price of aluminum futures is known as the "ballast stone" of spot price by industrial customers. In recent years, the previous exchange has made continuous innovations to further improve the function of aluminum futures and help the development of China's aluminum industry. First, accelerate the construction of aluminum futures delivery warehouses in different places, successively set up 15 new aluminum futures delivery warehouses in Henan, Shandong, Tianjin, Chongqing and Yingkou, with a total approved storage capacity of 315000 tons. Second, online aluminum futures standard warehouse receipt trading, in the first 10 years of 2019. In the past three months, 104000 aluminum standard warehouse receipts were sold, accounting for 48.7%; the transaction amount was 36.19 billion yuan, accounting for 25.8%.

Wang Fenghai said that in the next step, the Institute will increase innovation and strive to improve the ability and level of serving the real economy. First, we will continue to optimize and innovate products to improve the adaptability of financial supply. Accelerate the listing of alumina futures, promote the research and development of aluminum options, prepare for the listing of non-ferrous metal index futures and options in the previous period, continue to improve the function of the trading platform of the standard warehouse receipts in the previous period, and constantly enrich the hedging tools of China's aluminum industry; second, optimize the market operation mechanism and promote the construction of market infrastructure system. Adhere to the market orientation, steadily promote the reform and innovation of trading mechanism, optimize the current way of margin collection, improve the process and scheme of market maker business, promote the construction of cross-border supervision system, and fully cooperate with the legislative work of the futures law; third, continue to promote the internationalization of non-ferrous metal futures. Drawing on the international experience of crude oil futures and No. 20 rubber futures, we will accelerate the internationalization of copper futures, study and demonstrate the feasibility of internationalization of aluminum futures, and explore the establishment of delivery warehouses and the increase of registered delivery brands in the countries along the "one belt and one road".

In order to build a good platform for promoting the in-depth integration of industry and finance, more than 300 people attended the meeting, including relevant leaders from China Nonferrous Metals Industry Association, Aluminum Corporation of China, China Minmetals Group and other units, well-known experts in the industry, executives of nonferrous metal enterprises and industry representatives.


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