Core Viewpoint - The polyester industry in China plays a crucial role in providing 70% of textile raw materials and is closely linked to daily life, with the Zhengzhou Commodity Exchange (ZCE) developing a comprehensive risk management system for the polyester supply chain since the launch of PTA futures in 2006 [1][2]. Group 1: Risk Management Development - The ZCE has focused on addressing industry pain points by establishing a robust risk management framework for the polyester supply chain, starting with the launch of PTA futures in December 2006 [2]. - The introduction of PTA options in 2019 and short fiber futures in 2020 expanded the risk management tools available to the polyester industry, with further developments in 2023 including PX futures and options [2][3]. Group 2: Functional Impact on the Polyester Industry - The ZCE's polyester futures have significantly transformed trade practices, enhancing supply chain resilience and supporting high-quality development in the polyester sector [4]. - Since 2010, PTA futures have become a key reference for spot pricing, with nearly 100% of PTA spot trades now priced based on "futures price + premium/discount" [4][5]. Group 3: Internationalization and Price Influence - The ZCE is actively working to enhance the international pricing influence of polyester futures, allowing foreign investors to participate in trading since 2018 and hosting international forums to promote these products [6][7]. - The integration of PTA futures into international trade has improved negotiation efficiency and solidified supply chain relationships, exemplified by companies like Hengyi Petrochemical using PTA futures as a pricing benchmark in contracts [7][8]. Group 4: Future Directions - The ZCE aims to refine existing products, expand international outreach, and strengthen regulatory measures to continue supporting the manufacturing sector and contribute to new industrialization efforts [8].
郑州商品交易所：发挥聚酯期货板块功能 提升重要大宗商品价格影响力
Ren Min Ri Bao·2025-11-30 22:21