"原木期货价格较好地反映了市场供需基本面的变化。"对于原木期货上市首年的运行情况，中信建投期货农产品高级研究员陈家谊表示，今年以 来，期货价格对宏观预期、进口到港量、港口库存变化及季节性因素均能做出较为灵敏的反应。 原木期货和期权分别于2024年11月18日和19日在大商所上市。如今上市满一年，原木期货和期权市场运行如何？发挥了哪些功能作用？为产业链 带来了哪些变化？ ——市场运行平稳有序。 作为重要的林业资源之一，原木在相关产业中占据着关键地位，现货产业的风险管理和定价需求也为原木期货和期权的稳起步奠定了坚实的基 础。 一年来，原木期货和期权成交持仓规模稳步增长，其中原木期货累计挂牌8个合约、原木期权累计挂牌164个合约，二者合计成交约787万手，成 交金额约4640亿元，日均成交约3.24万手，日均持仓约5.34万手。 从价格走势来看，原木期货与现货均呈现先涨后跌的态势，期现价格联动性逐渐增强，原木期货价格发现功能日益显现。 采销周期中的价格波动风险是原木产业企业面临的主要挑战之一。近年来，越来越多贸易和加工企业开始利用原木期货和期权来应对市场波动、 稳定成本利润。 浙江物产森华集团有限公司是一家专业从事 ...

原木期货和期权分别于2024年11月18日和19日在大商所上市。如今上市满一年，原木期货和期权市场运行如何？发挥了哪些功能作用？为产 业链带来了哪些变化？ ——市场运行平稳有序。 作为重要的林业资源之一，原木在相关产业中占据着关键地位，现货产业的风险管理和定价需求也为原木期货和期权的稳起步奠定了坚实的 基础。 一年来，原木期货和期权成交持仓规模稳步增长，其中原木期货累计挂牌8个合约、原木期权累计挂牌164个合约，二者合计成交约787万 手，成交金额约4640亿元，日均成交约3.24万手，日均持仓约5.34万手。 从价格走势来看，原木期货与现货均呈现先涨后跌的态势，期现价格联动性逐渐增强，原木期货价格发现功能日益显现。 "原木期货价格较好地反映了市场供需基本面的变化。"对于原木期货上市首年的运行情况，中信建投期货农产品高级研究员陈家谊表示，今 年以来，期货价格对宏观预期、进口到港量、港口库存变化及季节性因素均能做出较为灵敏的反应。 原木期货和期权上市以来，大商所聚焦产业所需，开展了一系列品种维护和市场培育工作。为更好满足产业交割需求，大商所适时增设交割 库，形成了遍布6个省区市的19家期货交割库的网络化布局。同 ...

原木期货和期权分别于2024年11月18日和19日在大商所上市。如今上市满一年，原木期货和期权市场运行如何？发挥了哪些功能作用？为产业链带来了哪些 变化？ ——市场运行平稳有序。 作为重要的林业资源之一，原木在相关产业中占据着关键地位，现货产业的风险管理和定价需求也为原木期货和期权的稳起步奠定了坚实的基础。 一年来，原木期货和期权成交持仓规模稳步增长，其中原木期货累计挂牌8个合约、原木期权累计挂牌164个合约，二者合计成交约787万手，成交金额约 4640亿元，日均成交约3.24万手，日均持仓约5.34万手。 从价格走势来看，原木期货与现货均呈现先涨后跌的态势，期现价格联动性逐渐增强，原木期货价格发现功能日益显现。 "原木期货价格较好地反映了市场供需基本面的变化。"对于原木期货上市首年的运行情况，中信建投期货农产品高级研究员陈家谊表示，今年以来，期货价 格对宏观预期、进口到港量、港口库存变化及季节性因素均能做出较为灵敏的反应。 原木期货和期权上市以来，大商所聚焦产业所需，开展了一系列品种维护和市场培育工作。为更好满足产业交割需求，大商所适时增设交割库，形成了遍布 6个省区市的19家期货交割库的网络化布局。同时 ...

大连商品交易所原木期货和期权上市一周年 市场运行稳健 中新网大连11月18日电 (记者 杨毅)大连商品交易所18日发布消息称，原木期货和期权分别于2024年11 月18日和19日在大商所上市。上市一年来，原木期货和期权市场运行稳健，功能逐步发挥，产业客户积 极参与，在服务企业管理价格风险、促进现货贸易标准化规范化发展等方面发挥了重要作用。 来源：中国新闻网 编辑：郭晋嘉 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 一年来，原木期货和期权成交持仓规模稳步增长，其中原木期货累计挂牌8个合约、原木期权累计挂牌 164个合约，二者合计成交约787万手，成交金额约4640亿元，日均成交约3.24万手，日均持仓约5.34万 手。其中，LG2507和LG2509合约已到期，共计完成交割1412手，折合原木现货约12.71万立方米，对应 总货值约1.04亿元。 从价格走势来看，原木期货与现货均呈现先涨后跌的态势。今年以来，原木期货主力 ...

原木期货和期权上市一周年 为产业提供风险管理利器 采销周期中的价格波动风险是原木产业企业面临的主要挑战之一，尤其在近年来市场不景气、行业整体 效益不佳的背景下，越来越多的贸易和加工企业开始利用原木期货和期权来应对市场波动、稳定成本利 润。 浙江物产森华集团有限公司（下称物产森华）是一家专业从事木材贸易的企业，因为规模巨大，最近几 年又恰逢以单边下跌行情为主，一直苦于缺乏对冲工具。据物产森华副总经理章蕊群介绍，由于长期从 国外长协购买原木在中国市场销售，公司在原木期货上市后就结合现货和船货头寸，在期货合约上进行 卖出套保，进行总头寸的风险管控。"例如首个合约LG2507价格今年春节后一度冲到900元/立方米，当 时我们库存较大，且2月现货市场先热后冷，因此看跌后市并持续卖出套保，平均成本在870元/立方米 左右。到了4月初，我们根据当时外盘报价创出新低、现货萎靡不振的情况，又在830元/立方米左右位 置继续卖出套保。最终，到了5月底6月初这段时间，盘面价格跌到770~750元/立方米且已贴水现货，并 且我们的现货头寸也在不断减少，因此平仓了三分之二的头寸。"章蕊群表示，在上半年这段行情中， 正是通过套保操作，物 ...

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices due to government interventions aimed at reducing disorderly competition, with significant price increases observed in polysilicon and related materials since July [1] Group 1: Market Dynamics - Since July, polysilicon prices have rebounded, with N-type polysilicon prices rising from 40,500 yuan/ton to 51,550 yuan/ton, a 28.4% increase, and futures prices increasing from 44,000 yuan/ton to 53,610 yuan/ton, a 21.84% increase [2] - The futures market for polysilicon has shown a strong correlation with the spot market, maintaining a price correlation above 0.90, indicating effective price discovery [2] - Current futures prices are generally higher than spot prices, driven by expectations of improved supply-demand dynamics due to "anti-involution" policies, despite the underlying supply-demand imbalance [3] Group 2: Futures Market Participation - The enthusiasm for participating in the polysilicon futures market is high among upstream and downstream companies in the photovoltaic industry, with 13 listed companies announcing their involvement in hedging activities [4] - The futures market has successfully completed three contract deliveries, providing stability for related enterprises [4] - The introduction of a brand delivery system for polysilicon futures aligns with market practices and enhances quality management, ensuring that delivery products meet industry standards [6] Group 3: Quality and Standards - The standard delivery products for polysilicon futures are primarily N-type polysilicon, with quality requirements close to national standards, while alternative delivery products are P-type polysilicon [8] - The brand delivery system is expected to stabilize the delivery market and promote the production of high-quality polysilicon, preventing low-quality products from entering the futures market [8] Group 4: Market Sentiment and Policy Impact - The photovoltaic industry is entering a "policy implementation" phase, with various news related to "anti-involution" policies influencing market sentiment and causing price fluctuations [9] - The market is currently experiencing a tug-of-war between weak supply-demand realities and strong policy expectations, leading to potential volatility in prices [3][10] - The exchange has implemented measures to stabilize market sentiment and control risks, including adjustments to trading limits and fees for polysilicon futures [9]

Core Viewpoint - The adjustment of the delivery quality standards for live pig futures is expected to enhance the accuracy of price discovery in the live pig futures market, thereby attracting more industry participants for hedging purposes [1] Group 1: Industry Developments - The genetic improvement of live pigs has been steadily advancing in recent years, leading to increased scale in farming enterprises and rapid development in breeding technology [1] - The changes in the delivery quality standards will align the delivery weight of live pig futures more closely with the mainstream market weight for live pigs, which is beneficial for price discovery [1] Group 2: Market Strategy - The Dalian Commodity Exchange (DCE) plans to continue optimizing the futures contract rules for live pigs, focusing on serving the real economy and innovating in response to market demands [1] - The DCE aims to enhance the futures market's ability to support the high-quality development of the live pig industry [1]

Core Viewpoint - The launch of casting aluminum alloy futures and options in China aims to establish a transparent and efficient pricing mechanism, enhancing risk management capabilities within the aluminum industry and promoting sustainable development [2]. Group 1: Market Performance - The first day of trading for the main contract AD2511 saw an opening price of 19,400 CNY/ton and a closing price of 19,190 CNY/ton, reflecting an increase of 825 CNY/ton or 4.49% from the listing benchmark price of 18,365 CNY/ton [3]. - A total of 57,300 contracts were traded, amounting to 11.011 billion CNY, with an open interest of 11,500 contracts [3]. Group 2: Investor Sentiment and Price Expectations - Analysts noted that the initial high opening was due to the low benchmark price set by the exchange, leading to a narrow trading range and a back structure in the market, indicating a consensus among investors regarding a bearish outlook for future prices [3]. - The expected price range for the AD2511 contract is projected to be between 18,000 CNY/ton and 19,700 CNY/ton, influenced by supply pressures and cost support [4]. Group 3: Industry Outlook - The aluminum alloy production capacity is anticipated to continue increasing, with demand primarily driven by the automotive sector, likely resulting in a supply surplus [3]. - The current spot price for ADC12 is estimated to be between 19,500 CNY/ton and 20,000 CNY/ton, with production costs around 20,086 CNY/ton, suggesting potential buying opportunities at lower prices [4].