Trading margin increased again, glass futures market fell

On August 2, the new major January contract of glass futures fell in response, and was supported at 2,800 points. It maintained wide fluctuations during the day, and finally closed down 2.12% to 2,814 yuan/ton.

Zheng Commercial Exchange once again raised the trading margin

Recently, against the backdrop of good fundamentals, glass futures prices have risen for three consecutive days. However, starting from July 30, Zhengzhou Commodity Exchange once again raised the trading margin for contracts from October to May next year, and added a delivery factory warehouse. In addition, the Politburo meeting held the second quarter meeting on Friday. The supply of bulk commodities was maintained and the prices were stable, and the market sentiment was not good.

According to the news, from the settlement on August 4, 2021, the trading margin standard for glass futures 2110, 2111, 2112, 2201, 2202, 2203, 2204 and 2205 will be adjusted to 12%; from August 9, 2021 From the day of settlement, the trading margin standard for glass futures 2110, 2111, 2112, 2201, 2202, 2203, 2204 and 2205 will be adjusted to 15%.

In addition, the Zheng Institute of Commerce decided to add Hebei Jinhongyang Solar Technology Co., Ltd. as the designated glass delivery plant after research; increase the designated glass delivery plant warehouse, and Wuhan Zhongheng Chuangjing New Material Co., Ltd. Dangyang delivery point. At present, under the delivery system of all factory warehouses, glass from non-factory warehouse manufacturers cannot be shipped, which greatly affects the enthusiasm of manufacturers outside the factory warehouse. However, the increase in designated glass delivery plants and pick-up points has enriched the delivery sources to a certain extent and curbed speculative enthusiasm in the market.

Previously, in order to curb speculative demand, ZCE issued an announcement to continuously raise the trading margin standard for glass futures 2109 contracts to 20%. Affected by this, the trading sentiment of the September contract has dropped significantly, the position has accelerated to decline, and the disk has begun to volatility adjustment, which also makes the funds enter the January contract ahead of schedule, the main force is about half a month earlier than in previous years.

At the time when the main force was switched, ZCE issued an announcement after the close of business on July 24, deciding that starting from the night trading on July 26, 2021, non-futures company members or customers will be listed in glass futures 2108, 2109, 2110 , 2111, 2112, 2201, 2202, 2203, 2204, 2205 contracts in the maximum number of open trades is 1000 lots. Coupled with the news that the Ministry of Industry and Information Technology will hold a panel glass price symposium on July 30, the glass futures market has fallen sharply for two consecutive days.

For glass, supported by low inventory, the domestic spot market rose slightly last week, with an average national transaction price of 3041 yuan/ton.

Regional aspect, due to frequent rainfall in the Shahe market and average shipments, the inventory of manufacturers and traders increased slightly, and the focus of transactions decreased slightly; supported by downstream rigid products, prices in the Central China market rose steadily. Some specifications are in short supply, and the industry still has expectations of rising market prospects; the South China market has good production and sales, and the downstream has entered a new round of replenishment, and even rushing for goods; Northwest market enterprises have basically balanced production and sales, with limited room for growth.

In terms of demand, although the current demand is acceptable, due to the increase in the price of the original film, the return of funds from real estate is slow, the funds for processing plants are generally tight, and the orders are relatively cautious.

In terms of inventory, the total inventory of sample companies nationwide last week was 862,600 tons, a decrease of 5.33% month-on-month and 61.34% year-on-year. The inventory days were 8.32 days.

To sum up, the disk has recently been interfered by policies and other factors, but the spot supply and demand are still tight, prices are firm, and the tight balance pattern has not changed throughout the year. At present, the disk has been discounted, and analysis shows that the callback range is limited.

The fundamentals are still good at present, and the disk has rebounded. However, affected by exchange news, it fell again on Friday. In the spot market, supported by low corporate inventories, the prices of sporadic companies rose sporadically throughout the weekend, ranging from 2-3 yuan/heavy container. Traders continue to cautiously continue, downstream processing plants mainly due to shortage of funds and other reasons, mainly due to rigid demand.

Donghai Futures commented that in the traditional peak season of mid-August, the current producer inventories are still low, and it is expected that the spot market will continue to rise. The 09 contract is close to delivery, there are few futures warehouse receipts, and the futures price is still at a discount, which is expected to support.