郑商所修订棉花期货业务细则

Core Viewpoint - The Zhengzhou Commodity Exchange has revised the rules for cotton futures to align with the latest national standards and inspection systems, enhancing the functionality of the cotton futures market [1][2]. Group 1: Rule Updates - The revision updates the national standard for the benchmark delivery quality of cotton from GB 1103.1-2012 to GB 1103.1-2023, ensuring consistency with the standards used in the spot market [1]. - The names of the relevant documents for cotton quality inspection have been updated to reflect current practices, linking the rules to the effective cotton inspection management system [1]. Group 2: Market Impact - The revision does not make substantial changes to the core trading and delivery systems of cotton futures, resulting in minimal impact on market operations [2]. - The timely update of rules is expected to make cotton futures contracts more aligned with the realities of the spot market, enhancing the precision of the futures market in serving the real economy [2]. - Market participants have responded positively, noting that the revisions will help industry players better utilize futures tools to stabilize operations [2].