场外衍生品助力企业筑牢风控防线

Core Insights - The global commodity market in 2025 is characterized by significant price differentiation and volatility, particularly in the non-ferrous metals sector, with copper and tin leading the price surge while lead and zinc face pressure [1] - Companies are increasingly facing challenges related to price fluctuations and complexities in cross-border transactions due to changes in global trade dynamics [1] - Jinrui Capital has developed innovative solutions using over-the-counter derivatives to assist small and medium-sized enterprises in managing risks associated with overseas hedging and raw material procurement [2] Group 1: Risk Management Solutions - Jinrui Capital customized a cross-border income swap solution for a lead trading company facing supply shortages and declining processing fees, allowing direct linkage to LME lead average prices [2] - The solution involves opening long positions in LME lead contracts with a nominal principal exceeding 40.5 million RMB, ensuring alignment with the company's logistics cycle [2] - This approach significantly reduces trading burdens and enhances operational efficiency by allowing companies to hedge based on LME average prices without daily order fragmentation [2] Group 2: Cost Optimization Strategies - A copper processing company faced risks from rising raw material prices due to long lead times on forward orders, prompting Jinrui Capital to introduce a cumulative option strategy [3] - The cumulative option product allows the company to secure procurement at a base settlement price while providing flexibility to adjust based on market conditions, effectively managing costs during price fluctuations [4] - The strategy has proven effective, yielding excess returns of 22.895 million RMB, equating to a reduction of 4,579 RMB per ton in raw material costs, and enabling the company to implement a sustainable cost optimization mechanism [4] Group 3: Evolving Risk Management Philosophy - The use of over-the-counter derivatives is transforming the risk management approach of enterprises from passive defense to proactive management, focusing on value creation rather than mere risk transfer [5] - Companies are leveraging these sophisticated financial tools not only to lock in costs and mitigate risks but also to explore potential profit opportunities and optimize asset allocation [5]