PTA Futures Into "Timely Rain" Business Performance Improved Significantly

Recently, quite a few

The company handed over a beautiful performance list and attracted market attention.

For example, in the evening of April 24th, Hengyi Petrochemical disclosed the annual report of 2015, which showed that the total operating income reached 30 billion 318 million yuan during the reporting period, an increase of 8.04% over the same period last year, and a net profit of 180 million yuan, a 152% increase over the same period last year.

In the evening of April 27th, the first quarter results of Tong Kun share disclosed that the net profit attributable to the owners of the parent company during the reporting period was 156 million yuan, an increase of 53.40% over the same period last year, and the operating income was 4 billion 861 million yuan, an increase of 0.58% over the same period last year. The basic earnings per share were 0.16 yuan, an increase of 45.45% over the same period last year.

Since the Spring Festival this year, the cash flow of PTA enterprises has gradually improved, and the processing cost of the disc has also been steadily raised. The current production situation has been greatly improved compared with that of a year ago, and the downstream polyester works are also good.

In the view of the industry, there are two main reasons why PTA enterprises have achieved good results.

On the one hand, the relationship between supply and demand of PTA is improving and downstream demand is warming up.

For example, Hengyi Petrochemical annual report pointed out that during the reporting period, the PTA production and sales volume increased by 34% and 37% compared with the same period last year, while the production and sales volume of polyester fiber products increased by 0.79% and -1.24% compared to the same period last year. Caprolactam remained at full load production, and production and sales volume was basically flat compared with the same period last year.

On the other hand, enterprises widely use PTA futures to control it better.

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At present, 90% of PTA enterprises in China and 80% of polyester enterprises have been involved in the PTA futures market.

PTA delivery facilities, in addition to institutional investors for foreign crude oil and domestic PTA futures market arbitrage, domestic enterprises will also be interchanged between raw material PX spot and PTA futures of Zheng Shang.

In 2015, PTA futures were active and the market function was good.

In 2015, a total turnover of 232 million hands (unilateral, the same below) accounted for 6.5% of the total volume of futures market pactions in the country, and 670 thousand of average daily positions in 2015.

However, Huang Liqiang, an analyst at Jinshi futures, also reminds us that although the price of PTA PTA has been improved, the operating conditions of the PTA production enterprises have been improved. However, due to the high price of crude oil and PX, the profit margins have been reduced, and the actual profits have not been imagined well.

From the current sale of PTA enterprises, although the summer season is very high, the stock of polyester enterprises is in a low position compared with previous years. This shows that polyester enterprises are not optimistic about the continuity of the rally and are not eager to replenish their goods.

On the contrary, although the start-up load of PTA has dropped recently, the high inventory has further verified that the industry chain has not been dredged.

Generally speaking, the risk of post market operation can not be ignored. PTA enterprises still need to use futures tools well.

Data show that since 2011, the correlation between PTA futures price and spot price is as high as 0.99, which is equivalent to that of mature foreign futures.

PTA futures price has become the weathervane of the industry, and the spot price trading mode with the futures price plus the premium premium has become the mainstream in spot trade.

After nearly 9 years of development, the use of PTA futures by industrial enterprises is becoming more and more abundant. There are more and more demonstration enterprises, such as Yisheng petrochemical, Xiang Lu petrochemical, Jin Lun Gao fiber and Qingdao Jiari, etc. these enterprises have their own innovative and successful experiences in using PTA futures to avoid price fluctuation risks and stabilize production and operation.