The total open interest at the end of the month increased by 13.48% month-on-month
According to the data released by the China Interim Association on May 31, in May, the trading volume of the national futures market was about 471 million lots, and the turnover was about 40.10 trillion yuan, a year-on-year decrease of 25.92% and 19.49% respectively, a month-on-month increase of 0.38% and a decrease of 1.83% respectively. .From January to May this year, the cumulative trading volume of the national futures market was about 2.474 billion lots, and the cumulative trading volume was about 209.56 trillion yuan, down 20.84% and 12.44% year-on-year respectively.
In terms of exchanges, in May, the trading volume of the Shanghai Futures Exchange was about 133 million lots, and the turnover was about 10.67 trillion yuan, a year-on-year decrease of 38.24% and 41.00%, and a month-on-month increase of 2.43% and 1.49%.The trading volume of the Shanghai Futures Exchange’s subsidiary in the last period was about 9.38 million lots, with a turnover of about 3.70 trillion yuan, an increase of 70.79% and 148.30% year-on-year, and an increase of 18.36% and 13.86% month-on-month respectively.The trading volume of Zhengzhou Commodity Exchange was about 171 million lots, and the turnover was about 7.22 trillion yuan, a year-on-year decrease of 27.64% and 28.23% respectively, a month-on-month increase of 4.93% and a decrease of 3.83% respectively.The trading volume of DCE was about 147 million lots, and the turnover was about 9.06 trillion yuan, a year-on-year decrease of 13.32% and 16.87% respectively, and a month-on-month decrease of 6.37% and 5.15% respectively.The trading volume of the CFFEX was about 11 million lots, and the turnover was 9.46 trillion yuan, an increase of 14.00% and 1.88% year-on-year, and a month-on-month decrease of 6.99% and 5.74% respectively.
In terms of product transactions, in May, the top three products by volume were PTA, rebar and methanol futures; the top three products by volume were crude oil, CSI 500 stock index and CSI 300 stock index futures.
Cheng Xiaoyong, director of Baocheng Futures and Finance Research Institute, told a reporter from Futures Daily that in general, the transaction volume of the national futures market in May was basically the same as that in April, but there was a significant decrease year-on-year. The main reasons are: First, the real economy in May Although it has improved compared with April, the cash flow of physical enterprises is affected by the decline in revenue and the high price of raw materials, and the scale of participating in futures market transactions may be reduced compared with the same period last year; second, spot trade has not yet recovered to the level of the same period last year. , the scale of traders participating in futures market transactions may decrease compared with the same period last year.
In the view of Jing Chuan, deputy general manager of Wuchan Zhongda Futures, under the circumstance that the operation of the real economy is facing greater pressure, it is reasonable for the transaction scale of the futures market to fall simultaneously.In addition, after the strong expectation and weak reality pattern broke down in the first quarter of this year, the market entered a transition period after structural adjustment, and the investment effect weakened, which also affected the trading activity of the futures market.In addition, the profit prospects of private equity fund CTA products are unclear under the above background, and the willingness to trade has also declined.
It is worth noting that although the transaction volume of the futures market in May was basically the same as that in April, the total open interest in the futures market at the end of May increased compared with that at the end of April.Except for the China Gold Exchange, the open interest of the three domestic commodity futures exchanges has increased to varying degrees.Data show that as of the end of May, the total open interest in the national futures market increased by 13.48% from the end of the previous month.Among them, the open interest of the Shanghai Futures Exchange at the end of May increased by 10.03% month-on-month, the energy of the previous period at the end of May increased by 22.19% month-on-month, the Zhengzhou Commodity Exchange's open interest at the end of May increased by 18.84% month-on-month, the Dae The open interest at the end of May fell by 5.38% month-on-month.
"The month-on-month increase in open interest in the futures market at the end of May was mainly driven by commodity futures, and the month-on-month increase in commodity futures open interest may be related to the increase in corporate hedging. Driven by the resumption of work and production, the replenishment of raw materials may cause some companies to buy At the same time, some companies with a large backlog of finished products may also lock in profits by selling hedging in May. In addition, the business volume of futures risk management companies rebounded in May, which may also prompt the futures market Open interest increased at the end of the month." Cheng Xiaoyong said.
Liu Xiaohong, general manager of Huajin Futures, said that while the trading volume decreased, the market position increased during the same period, which showed that with the gradual entry of various rational traders, the structure of market traders was more reasonable; It is beneficial for enterprises in the industrial chain to choose the right time to carry out risk management.
Looking forward to the market outlook, Cheng Xiaoyong believes that with the gradual stabilization and recovery of the domestic economy, the momentum of the month-on-month recovery in the trading volume of my country's futures markets is expected to continue, but the trading volume may continue to decline year-on-year as the overall commodity prices fall.
(Editor in charge: Zhang Haijiao)
