Instruments financiers relatifs à la pâte à papier
Il n'existe pas au niveau international de contrat à terme relatif au bois.
Toutefois, les prix du bois dépendent surtout de la demande du secteur de la construction et de la demande en provenance de l'industrie de la trituration. Devant la part prédominante de ces débouchés, il paraît intéressant de présenter les instruments et contrats financiers existants sur la pâte à papier.
Le contrat à terme NBSK est l'instrument financier auquel les acteurs du marché ont le plus souvent recours quand ils traitent de la pâte à papier. Ce contrat a été mis en place le 29 mai 1997 pour prendre en compte un standard spécifique dit NBSK, une quantité prédéfinie de pâte de 24 tonnes par contrat, dans un lieu déterminé (trois ports de l'Europe du nord) et à une date future fixée à l'avance. Malgré le fait que le contrat à terme soit basé sur le standard NBSK, d'autres qualités peuvent être couvertes à travers ce contrat à la condition que les prix restent hautement corrélés.
Ce contrat à terme est le premier à avoir été mis en place dans le secteur de la pâte à papier et a connu un grand succès depuis son lancement. Près de 400 contrats ont été échangés durant les deux premières semaines, ce qui représente environ 10 000 tonnes de pâte à papier.
Spécifications du contrat à terme "Northern Bleached Softwood Kraft pulp (NBSK)" sur le OM London Exchange "pulpex"
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Quality |
Northern Bleached Softwood Kraft pulp (NBSK) |
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Contract Size |
The contract is traded in lots of 24 air dry tonnes each. |
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Deliverability |
All positions held open at expiration are subject to delivery of the underlying commodity. A deliverable unit, one per lot of the open position, shall consist of 24 air dry tonnes of pulp with in a tolerance of 5%, therefore weighing between 22.8 and 25.2 air dry tonnes.
Transfer of ownership of pulp from seller to buyer will be effected by a transfer of a warrant, a document of title conferring ownership of pulp to the bearer, issued by an exchange-designated warehouse. |
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Quality Parameters
(Pour les détails, ) |
The pulp should meet or exceed the quality criteria in order to be deliverable under the terms of a futures contract |
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Packing |
The pulp shall be produced in sheeted form and shall be packed in standard export wrapped bales of declared uniform weight and air dry content. The bales shall each weigh between 200 and 300 kilograms, strapped together in six, eight or sixteen bale units. Bales shall be tied with at least four strands of baling wire. Only full bale units will be acceptable for delivery, i.e. bale units may not be split. |
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Contract Currency |
US Dollars |
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Minimum Price Movement |
USD 0.25/tonne |
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Par Value |
DDU 'Designated Warehouse' Loaded on Truck (Incoterms 1990). This means that the seller pays all costs up to the settlement date of the futures contract, as well as the cost of loading-out onto truck from the warehouse.
DDU stands for 'Delivery Duty Unpaid'. |
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Delivery Locations |
Delivery is made in exchange-designated warehouses in Antwerp, Rotterdam, Terneuzen and Vlissingen. |
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Delivery Months |
Contracts are listed on a monthly basis.
Eight delivery periods are quoted for trading at any time.
For example, in January the following delivery months would be listed for trading: January, February, March, June, September, December, the following March and the following June. |
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First Trading Day |
The exchange shall list a contract for trading 18 months prior to the first day of the delivery month of that contract. For example, a September 2002 contract will be listed on the day after the Last Trading Day of the March 2001 contract. |
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Last Trading Day |
The Last Trading Day in respect of a delivery month shall be the third Wednesday of that month. |
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Settlement Day |
The Settlement Day shall be three business days after the Last Trading Day. |
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Daily Settlement Price |
Published by OM London Exchange for each delivery month at the end of each trading session.
This price reflects the prevailing price of the delivery month at the close of trading. This is normally the mid point between the final bid and offer prices or the last traded price. |
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Expiration Settlement Price |
A trade weighted average price based on the last five trades on the Last Trading Day.
If OM London Exchange considers that it is not possible to make a satisfactory calculation in accordance with this principle as a result of inadequate trading levels on the Last Trading Day, an alternative method will be used. |
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Expiration Settlement Amount |
The Expiration Settlement Amount will be determined by multiplying the Expiration Settlement Price by the number of lots by the contract size. |
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Trading Hours |
Normally between 08.30 and 16.00 London time (09.30 and 17.00 CET) on UK business days. |
Source : OM Pulpex.
Les critères détaillés ci-dessus concernant la qualité , la taille du contrat, l'emballage, la devise, le mouvement minimum de prix, les mois et les lieux de livraison ainsi que les heures de négoce s'appliquent de la même manière aux contrats d'options.
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Contract Base |
One lot of Pulpex futures. |
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Exercise style |
European style, i.e. options can only be exercised on the Last Trading Day. |
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Last Trading Day |
The last trading day in respect of a delivery month shall be the twelfth business day prior to the last trading day of the underlying futures contract. |
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Exercise Price Interval |
Exercise prices shall be quoted at USD 25 intervals. |
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Premium |
Pulpex options are premium up-front instruments, i.e. the premium is payable by the buyer to the seller on the business day following the trade (T+1). |
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Daily Settlement Price |
The mid point of the bid and offer prices at the close of the trading session. Where no closing prices exist an OM exchange generated price will be used. This price will be required by the Clearing House for settlement calculation purposes. |
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Expiration Settlement Price |
The Daily Settlement Price of the relevant futures contract on the expiration date of the option. |
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Standard Exercise |
Pulpex options, which are in-the-money at expiry, when compared to the Expiration Settlement Price, are subject to automatic exercise. |
Ce contrat est le plus populaire de tous les instruments de gestion des risques utilisés dans la filière de la pâte à papier en terme de tonnage. L'indice de référence est le PIX (pulp indexes). Il se compose de plusieurs indices représentant différents standards de qualité de pâte à papier. (donné par la société FOEX) site disponible en anglais.
Pour plus d'informations sur la gestion des risques dans le secteur de la pâte à papier, se reporter à l'article de FOEX disponible à partir du lien suivant : http://www.foex.fi/articles/TFSfoexarticle2.pdf
Le nombre de sites consacrés à la vente et/ou à l'achat de bois ou de produits dérivés du bois est important. Toutefois, le nombre de transactions reste faible car l'opération commerciale électronique est délicate à réaliser du fait notamment de l'absence de référence internationale fiable. Pour la pâte à papier, la situation est différente dans la mesure où ce segment bénéficie d'instruments financiers de gestion des risques et donc d'une référence connue, utilisée par les opérateurs.
En guise d'illustration, consulter les exemples de portails électroniques ci-après :
http://www.forestup.com/faccueil.htm (site de vente et d'achat de bois)
http://www.globalwood.org/trade/trade.htm
Timberweb.com (UK) : des courtiers, des exportateurs et des importateurs appartenant aussi bien à des pays industrialisés qu'à des pays en développement sont membres de cette plate-forme.
houtbeurs.nl
http://www.paperloop.com/newsinfo/gradecenters/pulp/index.shtml
http://www.foex.fi/
http://www.om.com/pulpex pour la pâte à papier
http://www.forestindustry.com/
http://www.timberandmore.com/stockexchange/stock.asp
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Quality Parameters
General Properties
The NBSK pulp shall have been produced in Canada, Finland, Norway or Sweden.
The pulp shall be a 'commercially traded' brand for which an up to date technical specification of the brand is freely available.
The pulp shall be of prime quality, i.e. according to recognised industry standards, and free from contaminants, e.g. plastics or other foreign material.
The pulp shall have been bleached using either an elemental chlorine free (ECF) bleaching process or totally chlorine free (TCF) process.
The pulp shall have a moisture content less than 20% at the time of production.
The maximum age of the pulp at the time of delivery against an expired futures contract shall be twelve months.
The pulp must have been warranted no later than six months from the month of production.
A signed Production Quality Certificate or a Quality Warranty issued by a clearing member of OM London Exchange or OM Stockholm must be presented as part of the delivery documents as evidence of the pulp's age. Each bale should also bear a number or other identification mark to enable the time of manufacture to be determined.
The dirt count of the pulp shall not be more than 6mm²/kg air dry pulp.
The brightness of the pulp shall be 88 % ISO or higher.
The pulp shall meet the following strength properties at 25 Schopper Riegler or 500 Canadian Standard Freeness:
- Tensile Index not less than 80 Nm/g
- Tear Index not less than 9 mNm2/g
- Burst Index not less than 6 kPam2/g
The level of DCM extractives in the pulp shall not be more than 0.1%
The pulp shall meet these general criteria when it is analysed under ISO approved test conditions.
Physical Condition
The pulp shall be in 'good physical condition' at the time that the warrant is delivered on the Delivery Day.
A description as to what constitutes 'good physical condition' will be set out in OM London Exchange's rulebook. |