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棕榈油期货将于12月22日正式引入境外交易者

期货日报网讯(记者 姚宜兵)11月20日,中国证监会新闻发言人正式对外公布,证监会确定大连商品交易所的棕榈油期货为境内特定品种。由此,棕榈油期货成为国内期货市场第7个、也是已上市农产品期货中的首个境内特定品种。

据了解,棕榈油是全球产量最大、国际贸易量最大的植物油品种,主要产区是东南亚和非洲。2019年全球棕榈油产量超过7000万吨,约占全球植物油产量的三分之一,2019年棕榈油消费量约为7100万吨。我国棕榈油全部依赖进口,目前是世界第二大棕榈油进口国和第三大消费国,2019年我国棕榈油消费量超过640万吨,其中60%来自印尼,30%来自马来西亚。

棕榈油期货于2007年在大商所上市,是我国首个全进口商品期货品种。上市十余年来,市场运行稳健,大商所由此已发展成为全球最大的棕榈油期货市场。统计数据显示,2009至2019年间,棕榈油期货年成交量连续多年位居中国农产品期货市场前列。2019年成交量1.35亿手,折合13.5亿吨,日均持仓量42万手,折合420万吨,成交量位居全国农产品期货第三位,按可比口径计算,是马来西亚衍生品交易所(以下简称BMD)成交量的5.77倍。今年上半年,大商所棕榈油期货成交量在全球农产品期货期权市场中排名第二位,影响力日益提升。

从市场运行和发展情况看,棕榈油期现货市场与国际市场联动性较好,产业对国际化需求强烈,已经具备国际化条件。据了解,目前利用棕榈油期货套保的棕榈油企业进口量占我国进口量的85%以上。我国大型油脂企业以及在华跨国粮油企业均较为充分地利用棕榈油期货品种开展套期保值交易,棕榈油期货已经成为这些企业风险管理不可或缺的工具;棕榈油期现货价格相关系数达0.99,国内70%的棕榈油现货贸易采用大商所棕榈油期货价格进行基差定价,棕榈油期货已经成为国内现货贸易的定价基准,并深刻影响国际市场定价。

市场人士普遍表示,棕榈油期货获批为对外开放的境内特定品种,是中国期货市场对外开放、服务全球产业企业的又一重要举措,有利于不断巩固期货市场对外开放成果,切实提升我国期货市场的全球定价能力,进一步提升我国期货市场服务全球产业链的能力和水平。

从服务产业角度看,棕榈油作为我国全进口商品,期货市场国际化后,将打通其生产、加工、消费环节,境外单位客户可同时参与BMD和大商所市场,能更好满足境内外棕榈油生产、加工和贸易企业的避险需求,形成完整的产业风险管理链条,助力“一路一带”产业合作行稳致远。

对期货市场来说,随着越来越多国际棕榈油加工、贸易等境外企业参与进来,能够促进境内外、期现货棕榈油市场深度融合,同时有助于棕榈油期货近月合约活跃和主力合约连续,提高棕榈油期货市场运行效率和流动性,优化市场结构,进一步提高市场运行和发展质量,能更好地为全球棕榈油产业企业的风险管理提供服务。

据大商所农业品部负责人介绍,大商所自2016年起正式启动棕榈油期货国际化工作,经过对境内外市场的充分调研,根据市场各方意见不断改进完善,形成了市场广泛认可的国际化方案。棕榈油期货国际化的交易、结算、风险控制方面均采用铁矿石等境内特定品种的现行方式,原有合约和基础制度不变,核心技术系统不变,核心清算和风控模式不变。目前,大商所正积极准备棕榈油期货引入境外交易者的落地工作,确保平稳承接境外交易者并保障市场的稳健运行。

RBD Palm Olein Futures Will Be Open to Overseas Traders from December 22

On November 20 the RBD palm olein futures on the Dalian Commodity Exchange was approved by the China Securities Regulatory Commission to be open to overseas traders from December 22. It therefore has become the seventh domestic futures product and also the first listed agricultural futures product that is approved as specified product. Industry insiders believe it to be another important move to open up China’s futures market to the outside world and serve global industrial enterprises, a move to consolidate the fruits of opening up and effectively enhance the global pricing power of China's futures market.

According to information, among all the vegetable oils, palm oil is the one with the largest global output and international trading volume. The main production areas are Southeast Asia and Africa. Global palm oil production exceeded 70 million tons in 2019, accounting for about a third of global vegetable oil production. Global palm oil consumption arrived at about 71 million tons in 2019. China, currently the world’s second largest importer and third largest consumer of palm oil, is completely dependent on import for palm oil. China’s palm oil consumption reached 6.4 million tons in 2019, 60% of which imported from Indonesia, and 30% from Malaysia.

RBD palm olein futures, which was listed in 2007 on DCE, is China’s first futures product for only imported commodities. Since its going public, it has enjoyed steady operation in the market, making DCE the world’s largest RBD palm olein futures market. According to statistics, from 2009 to 2019, the annual trading volume of RBD palm olein futures has been among the highest in China’s agricultural futures market for years. Trading volume in 2019 arrived at 135 million lots, or 1.35 billion tons, and the average daily open interest hit 420,000 lots, or 4.2 million tons, ranking  third among agricultural products futures in terms of trading volume. Calculated on a comparable basis, it was 5.77 times the trading volume of Bursa Malaysia Derivatives (BMD). In the first half of this year, RBD palm olein futures on DCE ranked second in the global trading volume of agricultural futures and options, with a growing influence.

Its market operation and development show that the futures and spot markets of RBD palm olein have a good correlation with the international market, and the industry has shown a strong demand for internationalization and the product is well prepared for it. It is reported that palm oil companies accounting for more than 85% of total import have used futures for hedging. RBD palm olein futures is relatively fully used by large Chinese oil enterprises and all multinational grain and oil enterprises operating in China for hedging, turning itself an indispensable tool in risk management for these companies. RBD palm olein futures and spot price correlation coefficient is up to 0.99. In China, 70% of palm oil spot trade use the price of RBD palm olein futures on DCE for basis pricing, making RBD palm olein futures the pricing benchmark of spot trade in China, with a profoundly influence on the international market.

Market participants generally share the view that RBD palm olein futures, after being open to overseas traders, will be DCE’s first agricultural product futures open up to the world. As a significant step in the internationalization of China’s futures market, it will further improve the ability and level of China’s futures market to serve the global industrial chain.   

As for its ability to serve the industry, the futures market for RBD palm olein, which is an only imported commodity, will build up a connection with its production, processing and consumption links after the market’s internationalization. Overseas enterprise clients can participate in both BMD and DCE market, which will better meet the hedging needs of domestic and foreign enterprises engaged in the production, processing and trading of palm oil. Also, the internationalization will help with the formation of a complete industrial risk management chain, and contribute to the steady growth of the Belt and Road Initiative industrial cooperation.

For the futures market, the participation of a growing number of overseas enterprises specialized in palm oil processing and trading will push the in-depth integration of domestic and foreign futures and spot RBD palm olein markets. In addition, the move will contribute to the liquidity of near-month contracts and continuity of dominant contracts of RBD palm olein, improve the operation efficiency and liquidity of the market, bring about optimization of market structure, improve market operations and development quality, and contribute to an improved international pricing power of RBD palm olein and the internationalization of the RMB.

The spokesman of DCE said that in 2016 DCE started the internationalization project of RBD palm olein futures. Since then, it has carried out survey on domestic and foreign markets, made continuous improvement according to the opinions of all parties in the market, and formed a plan for internationalization that is widely accepted by the market. After its internationalization, the trading, settlement, and risk control of RBD palm olein futures will be performed in the way iron ore and other specified futures products are done currently. And the existing contract and basic rules will remain unchanged, so will the core technology system, the core clearing and risk control mode. At present, DCE is actively getting things ready for overseas traders to participate in the RBD palm olein futures, striving for the smooth entrance of overseas traders and securing steady operation of the market.

责任编辑:赵彬

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