In recent years, the Zhengzhou Commodity Exchange (ZCE) has embarked on a transformative journey, diversifying its product offerings while honing and strengthening existing onesThe inclusion of bottle chip futures, which debuted in August of the previous year, has marked a significant development within the exchangeBy continuously engaging with industry stakeholders to understand their demands, ZCE aims to bolster the influence and trading activity of this nascent futures marketRecently, the exchange put forth a notification calling for market makers for various futures, prominently featuring bottle chip futures for the first timeIndustry experts have expressed optimism, asserting that the introduction of market makers will enhance liquidity and significantly benefit the future trajectory of bottle chip futures.

Reflecting on the performance of bottle chip futures since their launch, analysts like Wang Yuting from Dadi Futures have noted a solid operational status characterized by robust price dynamics, industry participation, and liquidityThe correlation between bottle chips and PTA prices has continuously been underscored, with the processing fee volatility now well-definedOver the past six months, major production companies, including Yisheng Petrochemical and Wankai New Materials, alongside trading entities like Xiamen Guomao, have actively engaged in trading, establishing a baseline trading model that is gradually gaining acceptance.

However, despite these achievements, the bottle chip futures market is still in its infancy compared to other established futures offerings from ZCEWang Jiangnan, a polyester analyst from Hongyuan Futures, highlighted that the development of bottle chip futures resembles that of paraxylene (PX), indicating a noticeable gap when compared to more mature chemical products like PTA, methanol, and ureaThis could potentially be attributed to a lack of familiarity among market participants with this new commodityThere is a growing recognition of bottle chip futures among market players, but ongoing enhancements in liquidity and the breadth of industrial participation remain essential for future growth.

Wang Yuting emphasized the crucial timing of the call for market makers as bottle chips are at a pivotal stage of functional cultivation

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The introduction of market makers is anticipated to markedly improve liquidity and facilitate a continuous, active contract environment, thus providing businesses with a stable hedging frameworkMarket makers can alleviate the liquidity gaps through sustained pricing and bilateral trading, stabilizing short-term price fluctuations and lowering transactional friction for investors, encouraging greater trading activityTheir participation in cross-product arbitrage can also refine pricing efficiency, allowing businesses to lock in more accurate processing fees, thereby drawing in institutional capital and enriching trading strategies to enhance market effectiveness.

According to Wang Jiangnan, market makers bear the responsibility of continuously providing both buy and sell quotes during trading hoursThis assures investors the presence of counterparties regardless of market conditionsFor industrial investors, the ability for market makers to conduct significant transactions without impacting market prices effectively lowers transaction difficulty and costsMoreover, the increased liquidity will likely encourage industrial clients to intensify their hedging activities, fostering a positive cycle within the market.