In the past, it was often said that there were three famous apples in the world. One was an apple that was eaten by Adam and Eve, one was an apple that hit Newton, and one was an apple that was bitten by Jobs. And today (December 22), the fourth apple appeared - it is the world's first fresh fruit futures variety apple futures created by the Zhengzhou Commodity Exchange (hereinafter referred to as Zhengshang).
Pictures and text are irrelevant (Source: Visual China)
At 9:00 a.m., a gong sounded, and Fang Xinghai, vice chairman of the China Securities Regulatory Commission, and Wang Tie, vice governor of Henan Province, jointly launched the listing ceremony. Within 5 minutes, the transaction display showed a large screen, and the Apple 805 contract price rose by 2.87% to 8025/ton. Moreover, Zheng Shang had previously expected tens of thousands of transactions on the first day, but as of 11:00 a.m., it had traded 485,000 tickets.
Fang Xinghai said: The listing of apple futures has filled the gap of fresh fruit products in the global futures market, marking a new level of Zhengshang's ability to serve the real economy.
Well-known futures mainly include gold, crude oil, indices, etc., why will apples be set up as futures varieties this time? How many factors influence this variety? The daily economic news (WeChat: nbdnews) reporter conducted a survey.
A hand of 10 tons, the minimum deposit of 5460 yuan
For apple futures, the management conducted a long period of research and demonstration, and the daily economic news (WeChat: nbdnews) reporter learned that at the beginning of this year, Zheng Shang held a feasibility symposium on apple futures.
On December 8, the CSRC approved the trading of apple futures in Zhengshang, and pointed out that the development of apple futures trading is an important measure for the CSRC to implement the national poverty alleviation strategy, and it is also an important arrangement for the futures market to support the economic development of poor areas and serve the real economy. Apple futures can provide the market with a tool for hedging and preventing price risks, stabilize the production and operation of industrial enterprises, and take the futures market as a bridge to effectively transfer planting and production and operation risks through models such as "company + cooperative + farmer", "futures + order" and "insurance + futures".
Apple futures contract is 10 tons per lot, the minimum change price is 1 yuan / ton, and there is a limit of 5% per day. The code for apple contracts is ap, and the minimum trading margin is 7% of the contract value. The first batch of Apple contracts listed were five contracts delivered in May, July, October, November and December 2018, with a benchmark price of 7800 yuan per ton.
Daily Economic News (WeChat: nbdnews) reporter to Huishang Futures customer service staff consultation, the futures company said that as long as the opening of a futures trading account can be traded, the minimum margin is 7%, then the minimum margin for trading a first-hand Apple contract needs 5460 yuan (due to the expiration time of the futures contract and the requirements of various futures companies, the margin may be higher than 7%).
Yangtze River Futures said that apple prices have obvious cyclicality and regularity. From December to June, apple prices are generally rising, and from June to November, apple prices are generally falling. The possible explanation for this is that June to November is the season when apples are on the market, and it is also the time when the old fruit is gradually delisted, and the price will gradually decrease. When a large number of new fruits are listed, the price will remain stable in the bottoming process.
Cut from Zheng Shang's apple futures promotional materials
CITIC Futures also said that Apple's supply and demand and seasonal laws may make apple futures contract prices different, which means that there are potential inter-period arbitrage opportunities after apple futures are listed.
Or involve a number of listed companies
The reporter noted that there are not many listed companies in the industrial chain of apples, which are bound to participate more or less in all aspects of apple futures, such as Longyuan shares (300175).
Longyuan shares disclosed on December 20, 2017, on December 19, 2017, Zhengshang issued the "Announcement on designating apple futures delivery warehouses and vehicle and ship plate delivery service agencies", Longyuan shares were designated by the Zhengzhou Commodity Exchange as apple futures delivery warehouses, and at the same time carry out car and ship plate delivery business, and can carry out apple futures delivery business from April 1, 2018.
Longyuan co., Ltd. itself is a dried and fresh fruit export enterprise, has been committed to fresh fruit and dried fruit planting management, processing, warehousing and sales, the current main products are fresh apples and raisins.
Haisheng Juice (00359.hk) and Huiyuan Juice (01886.hk), which are listed on the Hong Kong stock market, are also listed companies in the apple industry chain. In fact, some large companies have long used the futures market for hedging and locking in raw material prices to avoid risk.
China is the largest producer and consumer
Apples, citrus, pears, grapes and bananas are the five most important fruits in China. In the past 10 years, from the total output of various fruits, apple production far exceeds citrus, pear, grape and banana, becoming the first of the five major fruits in China, accounting for 35% of the total output of the five major fruits in 2015. At the same time, China is the world's largest apple producer and consumer, the output and planting area has increased steadily in the past decade, the output exceeded 40 million tons in 2014, and the planting area exceeded 30 million mu in 2016, and the output reached 43.88 million tons, accounting for 57% of the world's total apple output (77.16 million tons).
That is to say, one out of every two apples (the kind that can be eaten) in the world is from China!
From the perspective of provinces, Shaanxi, Shandong, Henan, Shanxi, Hebei and Gansu are the most important apple producing areas in China, and the output of these 6 provinces in 2016 accounted for 84% of the total output of the country. From the perspective of consumption, apples are mainly eaten directly, accounting for 90%, and the rest are consumed after processing.
According to media reports, Fang Xinghai said today that after the listing of apple futures, it will also develop and list futures of special products such as jujube futures to better serve the poverty alleviation work of the three rural areas. However, as a variety of living materials closely related to consumers' daily lives, egg futures have appeared before.
Egg futures were listed on the Dalian Commodity Exchange in November 2013, and the launch of egg futures is also to hedge market risks and protect the interests of entities. The daily economic news (WeChat: nbdnews) reporter noted that the egg index reached 4871 points after the launch of egg futures, and then fell sharply to 3080 points in early 2016, and is currently around 3900 points. Greater flexibility allows futures speculators to have a lot of trading space, and related enterprises in the egg industry chain can also lock in profits and resolve risks through futures hedging.
Every reporter Yuan Dong
Edited by Xie Xin zhao yun
This article is | original article by | Daily Economic News nbdnews
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