Language - English
PTA is the English abbreviation of Pure Terephthalic Acid. It is one of the important bulk organic raw materials. Its main purpose is to produce polyester fiber (polyester), polyester bottle flakes and polyester film. It is widely used in chemistry. Fiber, light industry, electronics, construction and other fields.
PTA is the end product of petroleum. Its raw material is p-xylene (PX), while the raw material of PX is petroleum. PTA is the front-end product of chemical fiber, and its downstream products are mainly polyester filament, staple fiber, and chips (including fiber chips, bottle chips, and film chips).
With the approval of the State Council and the China Securities Regulatory Commission, the purified terephthalic acid (PTA) futures contract was listed and traded on the ZCE on December 18, 2006. China is the first country in the world to list PTA futures.
The PTA market is completely liberalized, and its price is completely determined by the market, which is conducive to better exerting the function of PTA futures; the quality of PTA is stable and consistent, which meets the requirements of uniform quality of futures delivery targets; the price of PTA fluctuates greatly, and the spot enterprise hedges The demand is high; if the chemical fiber industry can make better use of the futures market, use the future and the current market on two legs, it will be able to effectively avoid market risks and obtain stable returns.
| Product | Purified Terephthalic Acid (PTA) |
|---|---|
| Trading Unit | 5 metric tons/lot |
| Price Quotation | Chinese yuan (CNY)/metric ton |
| Minimum Price Fluctuation | CNY2/metric ton |
| Daily Price Limit | ±4% of the settlement price of the previous trading day; Refer to relevant provisions on daily price limit under the Measures for the Administration of Risk Control of Zhengzhou Commodity Exchange |
| Minimum Trading Margin | 5% of contract value |
| Contract Months | January, February, March, April, May, June, July, August, September, October, November, December |
| Trading Hours | Monday to Friday (except public holidays) 9:00 a.m.-11:30 a.m. 1:30 p.m.-3:00 p.m. (Beijing time) Other trading hours stipulated by Zhengzhou Commodity Exchange |
| Last Trading Day | The 10th trading day of the delivery month |
| Last Delivery Day | The 13th trading day of the delivery month |
| Grade and Quality | See the Detailed Rules for Futures Delivery of Zhengzhou Commodity Exchange for details |
| Delivery Point | Designated delivery warehouses of Zhengzhou Commodity Exchange |
| Delivery Method | Physical Delivery |
| Product Code | TA |
| Listed Exchange | Zhengzhou Commodity Exchange |
| Classification | Margin collection conditions | Margin collection rate | |
|---|---|---|---|
| General month | According to the contract month bilateral total position (N, ten thousand lots) |
N≤70 | 6% |
| 70<N≤90 | 8% | ||
| 90<N≤100 | 10% | ||
| N>100 | 12% | ||
| One month before delivery | Early ten days | 8% | |
| Mid-day | 15% | ||
| Late | 25% | ||
| One month before delivery | 30% | ||
Position limit refers to the maximum number of PTA contract positions that members or customers can hold on a unilateral basis as required by the exchange
| Project | General month | One month before the delivery month | Delivery month | |||
|---|---|---|---|---|---|---|
| One-sided holding of 300,000 lots and above |
One-sided holding of 300,000 lots below |
Early ten days | Mid | Late | ||
| Economy Member | ≤15% | 45000 | 30000 | 25000 | 20000 | 4000 |
| Non-economic members | ≤10% | 30000 | 20000 | 10000 | 8000 | 2000 |
| Customer | ≤5% | 15000 | 10000 | 8000 | 3000 | 1000 |
Note: Hedging positions approved by the exchange are not subject to this restriction
The price limit refers to the maximum fluctuation range of the daily trading price allowed by the futures contract. The quotation that exceeds this range will be considered invalid and cannot be traded. The maximum daily price fluctuation range of the PTA futures contract is ±4% of the settlement price of the previous trading day.
Implement a rolling delivery system. From the first trading day of the contract entering the delivery month to the trading day before the last trading day of the delivery month, both the buyer and the seller can apply for delivery before 2:30 pm on each trading day; and complete the delivery according to the prescribed procedures, and the last trading day will be closed. After the market, centralized matching shall be conducted according to the regulations of the exchange. The three-day delivery method is adopted. The first day is the matching day, the second day is the notification day, and the third day is the delivery day.
Convert futures to spot. From the date of listing to the last trading day of the contract, the futures contract can be EFP. Buyers and sellers who hold the same delivery month contract reach an agreement and fill in the "Futures-to-Spot Agreement Form" as required, and go through the EFP approval procedures at the exchange before 14:30 pm on each trading day. After the exchange approves, the futures positions held by the buyers and sellers of the EFP will be closed at the closing price agreed by the buyers and sellers after the market closes on the afternoon of the approval day. The closing price agreed by the buyer and the seller shall be within the limit of the contract price on the approval date.
Note: The domestically produced PTA with a production date of more than 90 days and the imported PTA with a date of more than 60 days from the date of overseas shipment shall not be accepted by the warehouse.