Morning participation before the futures market | Iran warned that the “Mediterranean Sea, the Strait of Gibraltar and other waterways” may be closed
2023.12.25
1. Market report
Data source: Wenhua Finance; compiled by Financial Associated Press
2. Futures market policy
[Iran warned that the “Mediterranean Sea, Strait of Gibraltar and other waterways” may be closed]
According to media reports, a commander of Iran’s Islamic Revolutionary Guard Corps said that day that if the United States and its allies continue to commit crimes in the Gaza Strip, new resistance forces may emerge. He said the “Mediterranean Sea, the Strait of Gibraltar and other waterways” could be closed.
[The EU adopts written procedures to extend three emergency measures to deal with the energy crisis]
On December 22, local time, the European Council passed a written procedure and formally approved the extension of three emergency measures to deal with the energy crisis. Previously, the energy ministers of EU member states reached a political agreement on the 19th and agreed to extend the period of three emergency measures to deal with the energy crisis for one year to prevent possible energy price shocks.
The three emergency regulations were adopted by the EU last year in response to the Russia-Ukraine conflict, aiming to speed up the deployment of renewable energy and protect EU citizens from excessive energy prices. Energy ministers of EU member states believe that due to continued risks to the security of natural gas supplies in the EU, the emergency measures need to be extended in order to prevent market volatility and excessive natural gas prices.
[Nigerian Petroleum Ministry Official Reaffirms Commitment to OPEC]
Nigeria reiterated its commitment to OPEC on Friday, a deputy oil ministry official said. The official said in a statement: “Our cooperation within OPEC remains critical to promoting the stability and sustainable development of oil markets. We are firmly committed to OPEC’s goals while actively working with the organization to address issues not only in Issues that are within our country but that resonate across the continent.”
[The Russian government extends the export quota system for scrap steel and ferrous metal scrap until the end of June next year]
According to media reports, the Russian government announced that within the framework of the policy of regulating the export of metals necessary for the production of industrial products, the government decided to extend the quota for the export of scrap steel and scrap ferrous metals to areas outside the Eurasian Economic Union. The quota system will last until June 30, 2024, with a quota of 600,000 tons. Against the background of rising prices of non-ferrous and ferrous metals in the international market, the Russian government has implemented a temporary export tax on the export of ferrous and non-ferrous metals from 2021 to 2023.
3. Domestic market dynamics
[Shanxi power spot market officially operates]
We learned from the Shanxi Provincial Energy Bureau that after five years of trial operation, the Shanxi electricity spot market will enter official operation from December 22, 2023, becoming the first officially operational electricity spot market in my country.
[National Bureau of Statistics: Prices of 29 products in the important means of production market in the circulation field increased in mid-December]
The National Bureau of Statistics announced on the 24th that according to the monitoring of market prices of 50 important production materials in 9 categories in the national circulation field, in mid-December 2023, the prices of 29 products increased compared with the prices in early December, and the prices of 19 products decreased. The prices of two types of prices remained unchanged. Among them, the price of cotton (lint, white cotton, grade three) per ton increased by 40.3 yuan compared with early December, a month-on-month increase of 0.3%, and the price of pigs (outside three yuan) per kilogram increased by 0.5 yuan compared with early December, month-on-month. up 3.6%.
[High gold prices cannot dampen consumer enthusiasm, and listed gold and jewelry companies are actively expanding stores]
Since the price of gold reached a high of 600 yuan/gram at the end of October, some consumers have adopted a wait-and-see attitude. After the market calmed down for a brief period, the gold market entered the year-end consumption peak season and the gold market became hot again. As consumers’ demand for gold jewelry increases, many gold jewelry brands continue to actively expand their stores. Guohai Securities believes that on the one hand, benefiting from the upgrade of gold technology and higher gold prices, the profits of the gold jewelry industry have grown steadily in the long term, and the incremental value is expected to support the expansion of the number of corporate stores. On the other hand, the investment recovery period of jewelry franchisees has been shortened, and the motivation to open stores has been shortened. adequate.
[Shanghai Shipping Exchange: The cold wave continued last week, and the coastal composite index rose slightly]
The Shanghai Shipping Exchange released a weekly report on the coastal (bulk cargo) transportation market on the 23rd. Last week, the strong cold wave continued, transportation links were still restricted, route capacity was relatively scarce, and the composite index rose slightly. On December 22, the China Coastal (Bulk Cargo) Comprehensive Freight Index released by the Shanghai Shipping Exchange closed at 1187.71 points, up 2.2% from the previous issue.
[National Grain and Material Reserves Bureau: Autumn grain purchases exceed 100 million tons, and the purchase progress is more than half]
The latest data from the State Grain and Material Reserves Bureau shows that currently, various grain companies in the main production areas have purchased more than 100 million tons of autumn grain, and more than half of the purchase progress has been made. Since the autumn grain came on the market, various grain companies have actively entered the market to purchase, the market has been active in purchasing and selling, and prices have remained basically stable.
[PetroChina Southwest Oil and Gas Field Company has built a shale gas production area with an oil and gas equivalent capacity of 10 million tons]
At 8:00 on December 23, the annual shale gas production of PetroChina Southwest Oil and Gas Field Company reached 12.58 billion cubic meters, and the oil and gas equivalent exceeded the 10 million tons mark for the first time, marking that the company has established a shale gas production area with an oil and gas equivalent of 10 million tons, which can provide There are more than 34 million households with an average daily gas consumption of 1 cubic meter, and 100 million people use gas in a year.
4. Global market trends
[Shipping giant Maersk prepares to resume shipping in the Red Sea]
Shipping giant Maersk said on Sunday it was preparing to resume shipping operations in the Red Sea, according to media reports. The company previously suspended shipping through the Bab el-Mandeb Strait in early December due to attacks on its ships. Maersk said it would announce more details in the coming days. But the company said measures to divert ship traffic may be taken again depending on changes in safety conditions.
[Türkiye’s oil imports from Russia reached a record high in November]
According to media reports on the 23rd, Turkey’s imports of Russian Urals crude oil rose to a record high of 400,000 barrels per day in November, accounting for approximately 14% of Russia’s total seaborne oil exports in November. Sources also expect Turkey’s imports of Russian oil to increase further in the coming months. According to estimates, Turkish companies have saved about $2 billion in energy expenses so far this year due to increased imports of discounted Russian crude oil and refined oil products. Industry insiders say that compared with the same grade of diesel in the Mediterranean, the price Turkey pays to Russia for diesel this year has dropped by US$25 to US$150 per ton.
[Continuing tensions in the Red Sea have affected the Greek shipping industry, and goods shipped to Europe may face price increases]
According to CCTV Finance, the Greek shipping industry is developed and the scale of merchant ships ranks among the top in the world. The Red Sea channel crisis has also had a certain impact on the Greek shipping industry. George Xirazakis, chairman of the Greek Shipping Finance Association, said that due to the increasingly tense situation in the Red Sea region, if merchant ships, including the Greek fleet, continue to sail in the Red Sea and Suez Canal channels, not only will costs rise, but personnel will also face extreme risks. Big risk. If merchant ships traveling between Asia and Europe choose to go around the Cape of Good Hope in South Africa, the voyage will take at least 10 days longer, which will greatly increase transportation costs. George Xirazakis said that transportation costs will eventually be passed on to consumers, and for goods shipped to Europe, we will face price increases of 10% to 20%, depending on different items.
[The global palm oil market will recover in 2024, benefiting from stagnant biodiesel demand and supply]
According to media sources, industry experts said that the average global palm oil price is expected to rise in 2024, as production in major producing countries such as Indonesia and Malaysia has stagnated, and the increased use of biodiesel processing will tighten supply in the coming year. The median price of BMD crude palm oil in 2024 is expected to be 4,000 ringgit per ton (US$856.44 per ton), according to the median survey conducted by Puschine on 11 markets and government agencies. In the spot market at the origin, Platts estimates the free-on-board (FOB) price of Indonesian crude palm oil to be US$892.2 per ton. Industry experts said at an industry conference in November that key factors affecting palm oil prices in 2024 include the “variable” El Niño phenomenon, rising biodiesel demand, strong food demand and slow production growth.
5. Futures Industry Focus
[Hong Kong Securities and Futures Commission: Virtual asset spot ETFs are only allowed to be traded on futures exchanges regulated by the Securities and Futures Commission]
The Hong Kong Securities and Futures Commission pointed out in the updated “Joint Circular on Virtual Asset Related Activities of Intermediaries” that virtual asset futures are only allowed to be traded on traditional regulated futures exchanges, and management companies must prove that (i) the relevant virtual assets asset futures are sufficiently liquid, (ii) the rollover costs of the underlying virtual asset futures are controllable, and how such rollover costs are managed. If a virtual asset fund authorized by the Hong Kong Securities and Futures Commission wants to handle spot virtual asset transactions and acquisitions, it should be processed on a virtual asset trading platform licensed by the Hong Kong Securities and Futures Commission or a recognized financial institution (or recognized locally registered subsidiary), especially involving the following two Requirements: (a) For cash subscriptions and redemptions, spot ETFs recognized by the Hong Kong Securities and Futures Commission should acquire and dispose of spot virtual assets through licensed virtual asset trading platforms; (b) For physical subscriptions, participating dealers (PD ) should transfer spot virtual assets held locally or overseas to spot virtual asset ETFs recognized by the Hong Kong Securities and Futures Commission.
[Xiong Yuchuan, Level 2 Inspector of the Chongqing Supervision Bureau of the China Securities Regulatory Commission: The futures market in Chongqing has made positive progress in serving the real economy]
On December 22, the 2023 Current Integrated Empowerment Entity High-Quality Development Conference was held grandly in Chongqing. Xiong Yuchuan, a second-level inspector of the Chongqing Supervision Bureau of the China Securities Regulatory Commission, said in his speech that the Chongqing Bureau thoroughly studied and implemented the Central Economic Work Conference In line with the spirit of the Central Financial Work Conference, we will actively promote the functions of the futures market and better serve the high-quality development of the real economy.
According to him, since the beginning of this year, the scale of the futures market in Chongqing has grown steadily. From January to October, the agency futures trading volume and trading volume increased by 46.88% and 85.05% respectively year-on-year. As of the end of November, the total assets of the four legal person futures companies were nearly 50 billion yuan, and the number of industrial customers and equity scale increased by 16.54% and 66.81% respectively from the beginning of the year; the risk management subsidiary provided services to entrepreneurs through floor options, basis trading, etc. The business scale increased by 54.14% and 128.94% respectively year-on-year; from January to November this year, a total of 121 “insurance + futures” projects were carried out, with a guarantee amount of 2.442 billion yuan and a compensation amount of 60.8841 million yuan. The functional role of the futures market in the jurisdiction has been further brought into play, and positive progress has been made in serving the real economy.
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2023-12-25 01:36:00
