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Futures deposit ratio to rise
http://www.sina.com.cn 2003/11/04 11:09  Shanghai Daily

  The Chinese mainland's three futures exchanges will raise the deposit ratio of some major futures contracts by 2 percentage points to 7 percent tomorrow, a step aimed at quenching the overheated futures markets.

  The adjustment will affect trading of natural rubber on the Shanghai Futures Exchange, soybean and soybean meal in Liaoning Province's Dalian Commodity Exchange, and wheat contract in Henan Province's Zhengzhou Commodity Exchange.

  Investors can pay only part of the capital actually needed in a deal. The investment mechanism in the futures market is different from that of the stock markets, which require a 100-percent capital injection.

  Since early October, the futures market has experienced bullish sentiment.

  For instance, active May natural rubber, closed at 17,235 yuan (US,081) a ton yesterday, a rise of 2,265 yuan from October 8. Active January soybean finished at 3,371 yuan a ton yesterday, up 490 yuan in the period. Active May wheat ended at 1,724 yuan a ton yesterday, up 262 yuan.

  "More and more investors are convinced that the recovering world economy will result in an increasing demand for commodities," said Wu Qizhi, an analyst with China Aviation Futures Co Ltd. "And this causes the price rally in the commodities."The current 5 percent deposit ratio has encouraged wild speculation in the markets, resulting in prices rising and that in turn attracted more speculators.

  "A more stringent deposit requirement may push those speculators to retreat," said Wu.

  As there are few opportunities to gain in the domestic stock markets, the increased deposit ratio for the futures markets may also help dampen some investors' enthusiasm to rush headlongsintosthe overheated futures market.

  "Many investors actually have little knowledge and understanding of the futures business, so entering blindlysintosthe market could also cause them heavy losses," he said.

  The three exchanges also required that futures agents inform their clients of the policy adjustment.




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