TSR 20 futures has been listed for half a year and completed the first delivery on February 24, 2020. In general, the operation of TSR 20 futures market is stable as a whole, the number of market participants is increasing steadily, and the operation of various business links is smoothly connected. In the first delivery, INE and all parties in the market overcome the difficulties brought by the covid-19 epidemic, successfully completed the delivery of 700 tons of TSR 20 futures, and all business processes have been completed. The functions of TSR 20 futures price discovery, hedging and serving the real economy gradually play.
February 17, 2020, is the last trading day of the first contract of TSR 20 futures. As of February 17, 2020, TSR 20 futures has operated for 123 trading days. According to unilateral statistics, the volume is 1.4166 million lots, the amount is 148.93 billion yuan, the daily average trading volume is 11.5 thousand lots, the daily average amount is 1.211 billion yuan, the daily average position is 31.5 thousand lots, and the final position is 30.3 thousand lots. In the transaction structure and position structure, corporate customers account for a relatively high proportion, more than 60%, and the proportion of overseas customers grows steadily.
At present, there are 25 enterprises and 37 factories from 4 countries, including China, Thailand, Malaysia and Indonesia, whose products are registered as TSR 20 futures commodities. The designated delivery warehouses are located in Shanghai, Qingdao and Haikou, with a total of 10 warehousing enterprises, with an approved storage capacity of 370000 tons and the first batch of 300000 tons. As of February 17, 2020, TSR 20 futures inventory is 30866 tons, subtotal inventory is 53445 tons.
TSR 20 futures provides a new price reference and hedging tool for domestic and foreign natural rubber industry. It complements SHFE natural rubber futures with obvious synergistic effect. In the half year of TSR 20's listing, the daily trading volume of SHFE natural rubber futures increased by 3.88% month on month, and the trading volume, trading amount and position of SHFE natural rubber futures and INE TSR 20 futures increased year on year compared with that of only natural rubber, realizing the synergistic effect of "1 + 1 > 2".
The TSR 20 futures of INE has achieved phased success. In just half a year, the trading volume and position size have increased steadily, and the trading scale has surpassed the international futures contracts of the same variety. Compared with similar international contracts, ine tsr 20 futures has its own characteristics and advantages. Its short delivery time, diverse delivery targets, extensive delivery warehouse layout and financial functions of standard warehouse receipts all provide strong convenience and attraction for overseas customers. The overseas intermediaries actively carry out the global marketing activities of this variety, and understand that the major rubber production, processing and trading enterprises abroad have expressed deep interest, and gradually test the trade of this variety. At present, foreign investors need to be more familiar with the trading, settlement, risk control and delivery systems of INE. In the future, with the continuous development of international market publicity and market training, it is believed that the industry’s participation in the variety will be further strengthened.
David low, executive director of DBS Bank Singapore, said that as one of the first batch of overseas intermediaries of INE, DBS Bank actively carried out the promotion and publicity of TSR 20 futures market. By participating in the physical delivery of the first contract of TSR 20 futures, DBS Bank has further expanded its ability to serve global customers in commodity trading, hedging and delivery. With the successful completion of the delivery, INE’s outstanding product design and ability to serve the global industry has been further confirmed.
Chen Zujing, chairman of Shanghai Longxiang company of Haijiao group, believes that there are many innovations in TSR 20 futures compared with SHFE natural rubber futures, which also guides domestic enterprises to think beyond the existing model. After nearly two months of preparation and exploration, Haijiao group generated the first domestic TSR 20 bonded warehouse receipt on January 23, 2020.In the future, Haijiao group will make full use of SHFE natural rubber futures and INE’s TSR 20 futures to guarantee the operation of the enterprise.
Since the listing of TSR 20 futures for half a year, the industry has paid a lot of attention to it, and the degree of participation has gradually increased. In particular, the state has made it clear that the value-added tax is temporarily exempted, and the tax policy is more clear, which paves the way for more enterprises to participate. TSR 20 futures has great potential in the future. China’s TSR 20 is highly dependent on imports, and both import trade enterprises and downstream tire enterprises are faced with huge price fluctuation risks. The listing of TSR 20 futures provides a very suitable hedging tool for the industry. At the same time, TSR 20 futures provides a RMB price for the bonded spot market, which reflects the supply and demand fundamentals of TSR 20, as well as the market’s expectation of exchange rate changes. With the continuous operation of TSR 20 futures, the market will have a deeper understanding of it, and its price discovery and hedging functions will be more fully played.

上市运行已半年 20号胶期货功能逐步显现
金融投资报讯(记者 张璐璇)20号胶期货已上市运行半年，并于2020年2月24日完成了第一次交割。总体来看，20号胶期货市场运行整体平稳，各类市场参与者稳步增加，各业务环节运作衔接顺畅。在首次交割中，上期能源与市场各方克服新冠肺炎疫情带来的重重困难，顺利完成700吨20号胶的期货交割，业务流程已全部走通。20号胶期货价格发现、套期保值和服务实体经济的功能逐渐发挥。
2020年2月17日是20号胶期货首个合约的最后交易日。截至2020年2月17日，20号胶期货运行123个交易日，据单边统计，累计成交141.66万手，累计成交金额1489.30亿元，日均成交量1.15万手，日均成交金额12.11亿元，日均持仓量3.15万手，期末持仓为3.03万手。交易结构和持仓结构中，法人客户占比较高，均超过六成，境外客户占比稳定增长。
目前，已有来自中国、泰国、马来西亚和印度尼西亚等4个国家的25家企业37家工厂的产品作为20号胶期货注册商品。指定交割仓库位于上海、青岛和海口，总共10家仓储企业，核定库容37万吨，第一批启用库容30万吨。截至2020年2月17日，20号胶期货库存30866吨，小计库存53445吨。
广东省广垦橡胶集团有限公司董事长陈茗表示，20号胶期货为境内外天然橡胶行业提供了新的价格参考和套保工具，与上期所天然橡胶期货互为补充，协同效应明显。在20号胶期货上市的这半年中，上期所天然橡胶期货的日均成交金额环比增长了3.88%，并且上期所天然橡胶期货和上期能源20号胶期货的成交量、成交金额和持仓量加总相较只有天然橡胶一个品种时均同比增长，实现了“1+1>2”的协同效应。
时瑞金融(新加坡)董事总经理Roger Quek(郭俊荣)表示，上期能源的20号胶期货已经取得阶段性成功，在短短半年时间中，交易量和持仓规模稳中有升，成交规模已超越国际同品种期货合约。与国际同类合约相比，上期能源20号胶期货具有自身的特色和优势，其较短的交割时间、多样的交割标的、广泛的交割库布局和标准仓单的金融功能，都为境外客户提供了很强的便利性和吸引性。时瑞金融集团作为上期能源首批境外中介机构之一，积极进行该品种的全球市场推广活动，了解到境外主要的橡胶生产、加工和贸易企业都表达了深厚兴趣，并逐渐试水该品种交易。目前境外投资者对上期能源的交易、结算、风控和交割等制度尚需进一步熟悉，未来随着国际市场宣传与市场培训的持续开展，相信业界对该品种的参与广度和深度将会进一步增强。
星展银行(DBS Bank Singapore)执行董事David Low(廖广兴)表示，作为上期能源首批境外中介机构之一，星展银行积极开展20号胶期货市场推广和宣传。通过参与20号胶期货首个合约的实物交割，星展银行进一步拓展了其服务全球客户的大宗商品交易、套保和交割的能力。随着此次交割的顺利完成，上期能源出色的产品设计和服务全球产业的能力得到了进一步印证。
海胶集团上海龙橡公司董事长陈祖敬认为，20号胶期货相较上期所天然橡胶期货有诸多创新之处，这也引导国内企业突破已有模式去思考问题。海胶集团经过近两个月的筹备和探索，于2020年1月23日生成首单国产20号胶保税仓单。未来，海胶集团将充分运用上期所天然橡胶期货和上期能源的20号胶期货，为企业运营保驾护航。
创元和赢资本管理有限公司总经理顾仁舟表示，20号胶期货上市半年以来，产业界关注很多，参与程度逐步提高，特别是国家明确暂免征增值税后，税收政策更加明晰，为更多企业参与铺平了道路，20号胶期货未来大有可为。我国20号胶高度依赖进口，进口贸易企业和下游轮胎企业都面临巨大的价格波动风险，20号胶期货的上市为产业提供了非常合适的套期保值工具。同时，20号胶期货为保税现货市场提供了一个人民币价格，该价格在反映20号胶供需基本面的同时，还将反映出市场对汇率变化的预期。顾仁舟预计，随着20号胶期货的继续运行，市场对其了解会更加深入，其价格发现和套期保值功能将得以更加充分的发挥。