The influence of new energy futures varieties is increasing

　　Sinochem New Network News At the recently held 2023 China New Energy and New Materials Industry Conference, Leng Bing, deputy general manager of the Guangzhou Futures Exchange (hereinafter referred to as the Guangzhou Futures Exchange), said when introducing the operation of the Guangzhou Futures Exchange's variety market: "As of November 24, the average daily trading volume of industrial silicon futures was 85,000 lots, with an average daily position of 110,000 contracts, and the average daily position in October accounted for about 19% of the spot scale (2022 output). The average daily trading volume of lithium carbonate futures was 219,000 lots, with an average daily position of 97,000 lots, and the average daily position in October accounted for about 35% of the spot size (2022 production). ”

　　It is reported that on December 22 last year and July 21 this year, the Guangzhou Futures Exchange listed two futures varieties of industrial silicon and lithium carbonate respectively. Leng Bing said that about 3 months after the listing of industrial silicon and lithium carbonate, the correlation coefficient of futures and spot prices reached more than 0.9, and the correlation coefficient of futures and spot prices of the two varieties is currently around 0.97. The spot trend of industrial silicon and lithium carbonate futures is basically the same, the correlation between futures and spot prices continues to improve, and the price discovery function of the futures market has been fully utilized.

　　In addition, the structure of market participants is constantly being optimized. Leng Bing said that with the development of the market cultivation activities of the Guangfu Exchange, the participation of industrial customers in industrial silicon and lithium carbonate futures has gradually increased, and the proportion of transactions and positions of corporate customers has increased significantly compared with the early stage of listing, and the proportion of transactions and positions of corporate customers is currently more than 70%.

　　Duan Debing, vice president and secretary general of China Nonferrous Metals Industry Association, said that with the deepening of financial innovation, many financial derivatives closely linked to the industry have emerged in an endless stream, which has greatly expanded the service functions of financial institutions and improved the ability of industrial operators to avoid risks and develop steadily. Industrial silicon and lithium carbonate, as the first batch of new energy varieties listed on the Guangfu Exchange, will continue to improve the pricing mechanism and play a more important role in the development process of the new energy materials industry in the future.

　　Duan Debing said that China's new energy and new materials industry is gradually developing and growing, and the current external development environment and internal business environment of the industry are undergoing profound changes. In the face of these new situations and new tests, industry enterprises must remain rational, predict risks, plan ahead, and take the initiative to respond. First, we must adhere to technological innovation and effectively improve the core competitiveness of the industry; second, we must adhere to the coordination of upstream and downstream to create a community with a shared future for the industry; third, we must adhere to the bottom-line thinking and improve the ability to resist risks; fourth, we must adhere to the combination of industry and finance and make good use of risk management tools.