Financial Associated Press, May 13 (editor Chen Kandi) recently, plywood futures in large trading houses have appeared continuously.JokerpokeronlineSince the listing of this variety, the trading volume has been on the small side, and there are not even many complete consecutive trading days. Since May 8, the main plywood contract has fallen by the limit for many days in a row. As of this afternoon, 2105 of the main contract is still in the state of falling limit, a decline of 7%.Jokerpokeronline.79%.

In addition, on May 10, the Dalian Commodity Exchange issued a notice on matters related to plywood futures contracts, requiring the trading of unheld plywood futures contracts to be suspended and the trading time to be resumed until further notice.

The notice also shows that the number of positions opened in a single day on BB2501, BB2502, BB2503 and BB2504 contracts shall not exceed 1 position from May 14, 2024. At the same time, from now on, the listing of new plywood futures contracts will be suspended. The listing time will be resumed until further notice.

There was a plywood 9607 incident, which was forced to be delisted and listed again.

It is understood that as early as the treacherous 1990s, there was a multi-air war that led to the silence of the variety-the "plywood 9607 incident".

In the 1990s, the domestic building materials market developed rapidly, and Shanghai Commodity Exchange and Suzhou Commodity Exchange launched plywood futures in 1993. In 1995, the plywood futures market reached its peak, with an annual turnover of 260 million lots, accounting for 23.8% of the national futures market, making it the well-deserved "trump card" of all commodity futures varieties in China.

However, at that time, because the subject matter for delivery was imported products, it was easy to be restricted by the import policy, so the spot available for delivery on the market was very limited. This kind of contract design led to the phenomenon of forced positions in the delivery month, so the price of plywood fluctuated violently. Sought after by speculative capital. Then, in 1996, on the 9607 contract, the price of plywood rose indefinitely and was later sanctioned by the exchange.

After the twists and turns of the "9607 incident", the plywood futures market suffered a great loss of vitality, and the trading volume and position shrank day by day. In December 1998, plywood futures trading was stopped. It was not until December 2013, 15 years later, that Dalian Commodity Exchange re-launched new plywood futures.

Low industry concentration and low degree of standardization

As of 3 p.m. Today, the trading volume of plywood futures 2501 was 7 lots, the position was 22, and the total precipitated capital of all contracts was 3.15 million yuan.

According to public data, plywood is a three-layer or multi-layer plywood made of veneer or veneer cut by wood square and glued with adhesive. It is usually one of the commonly used materials for furniture and one of the three wood-based panels. It can also be used as materials for aircraft, ships, trains, cars, buildings and packing boxes.

An industry insider pointed out that the plywood industry is not highly concentrated and standardized, and it is easy for investors to confuse the prices of different varieties of the industry. It can be said that in the initial stage, the price of plywood futures is undervalued, because the plywood underlying futures is actually of higher quality. Many investors are unreasonable because of the low average price of plywood products, which belongs to the lack of understanding of the overall situation of the industry and the exchange delivery system.

At present, Linyi City is the largest plywood producing area in the country. Its plywood industry chain accounts for 80% of the whole wood industry and is the main body of the wood industry. Its products include plywood, particleboard, fibreboard and other varieties, and the number of enterprises accounts for more than 70%. The production capacity of plywood enterprises has reached 41.3 million m3 / year, accounting for 74% of Shandong Province and 20% of the country, and has maintained the status of Shandong Province and even the largest plywood production base in the country in successive years.