Case CX700 And CX330
The company of Case has done it again, by introducing
yet another spectacular excavator, the CX700, which
weighs in at 70 metric tons and represents a new
size for Case, fitting perfectly between the CX460
and CX800 models. Case has also taken advantage of
Tier 3 technologies and upgraded the CX330, increasing
the power and improving fuel economy, all while adding
features that will enhance comfort for the operator
and simplify maintenance.
Power
The CX700 is a powered by a high performance, fuel
efficient Isuzu engine that is completely Tier 3
certified. With an operating weight of 153 bred 11s for sale,400 lbs bred 11s online.
and over 400 HP, the CX700 is capable of digging to
31 feet 11 inches with reaches up to 46 feet 11 inches.
The frame for the CX700 is based on the larger CX800
to ensure optimum durability and reliability,
especially given the powerful performance specs the
machine calls for.
New to the Case CX700 is a switch that will allow
you to give priority to either the boom or the swing
functions. The CX700 also offers retractable side
frames and an optional counterweight removal device,
which makes transporting easier than ever before.
More durable
The Isuzu engine that powers the CX700 is fully
electronic and uses a high pressure rail system that
provides a 5% increase in HP and also gives the
excavator 10% better fuel economy.
Several enhancements have been made to the CX330
upon releasing the CX700, including the overall
reliabilty and durability of the machine, which
includes the strength of the front idlers by beefing
up the thickness and design of the center hub and
improving the track seal design for increased life.
Upgrades
Several of the features that come standard with the
CX700 are upgrades for the CX330 that will also be
applied to other large Case excavator models that
move forward bred 11s. The key upgrades include ease of
maintenance and servicing bred 11s. Both the CX330 and CX700
models feature an easy maintenance system, lubricated
bushings throughout the boom and arm, which provides
extended lube periods of up to 1 bred 11s online,000 hours. The
engine oil filters are now mounted vertically in
the pump house access area, which allows for easier
access and servicing.
The addition of a modified oil drain plug with a
check valve will make it easier than ever to change
oil. Both the CX330 and CX700 both offer finer
fuel filtration, up to four microns, which provides
increased uptime and improved fuel performance.
The upgraded cooling system features a design that
reduces the stacking of coolers for better cooling
efficiency and also improves access to ease the
removal of debris. In addition to this, the Case
CX700 also features a hydraulically driven,
thermostat controlled reversible fan for improving
the cooling of the engine and easy cleanout of the
materials.
PPPPP
(word count 463)
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Abstract enterprise procurement risk is the risk of the most important enterprise where the supply chain. Recurrence and renewal as a traditional procurement model, the futures market plays the role of effective prevention and control of procurement risk. Futures market risk should carefully decide whether the use of futures tools to assist procurement and made it clear that companies need to hedge the risk of price fluctuations which raw materials, the use of futures tools at different stages of economic operation, and thus a more scientific and rational use of futures markets help enterprises procurement management. Businesses can use the futures market procurement management a useful discussion.
Chinese papers
Key words】 the procurement risks futures market cost control
a few years ago, a domestic listed companies a quarter quarterly attract the attention of peers and market investors. Because the company's net profit soared in the first quarter of the year, an increase of 122.15 percent over the same period last year. Net profit increased dramatically, power generation companies, the main procurement of fuel, greatly reducing the cost of fuel consumption by better the fuel procurement Off, futures ways. Quarterly show, the current cost of the company's main business fell by 16.88% over the same period last year, with futures procurement of fuel contributed. This futures also very unfamiliar peer companies is very curious. the
procurement had
product pricing, enterprises can not say the secret is two parts by the cost of production and profit. Production costs include: management costs, manufacturing costs, the cost of raw materials, three. Enterprise in order to improve product profitability, There are three main ways: One is to raise the sales price; compression and control all kinds of costs, improve production efficiency; reduce the cost of raw material procurement. With the increasing of market competition, openness and transparency of price information, the possibility of high-priced sales and space is very small, for the production process, cost control space is limited, and thus control of procurement costs is crucial. The
according to expert estimates, raw material procurement costs of production and manufacturing occupy a very high proportion of the total production costs of enterprises, usually a percentage of sales from 60% to 80%, ranking first in the various costs. The timing of their procurement, reasonable price, quantity that directly affect the output efficiency of the enterprise. More importantly, the procurement profit leverage effect exists and asset income effect, you can make a direct contribution to the performance of the company. Therefore, the procurement activities directly affect all aspects of enterprise competitiveness in the market, the completion of the production plan, inventory levels, customer service reputation. The deviation of any aspect of the procurement process will affect the implementation of the procurement targets, thus affecting the corporate profit goals. But in today's rapidly changing market economy Sac Louis Vuitton Pas Cher, the most difficult problems encountered by corporate purchasing not just concerned about the purchase price and ensure the quality of raw materials is so simple. In fact, each step of the procurement process are full of potential risks and uncertainties, and therefore, how effective procurement risk control in a certain range, have a significant role to reduce procurement costs, increase profit. It can be said, the enterprise procurement risk is the risk of the most important enterprises where the supply chain.

analysis and comparison of modern procurement model with traditional procurement model on stage, the spot market and the futures market organic combination, constitutes a new type of modern procurement mode. It can be said that the emergence and development of the futures market to fill vacancies and renewal of the traditional spot market procurement model. Are shown in Table 1, compared with the traditional procurement model, the main advantages and characteristics of modern procurement mode is reflected in the following aspects.
1, from sourcing platform look
traditional purchasing behavior is usually confined to the spot market, through face-to-face communication with suppliers, take cold number-crunching simple transactions, higher procurement costs and the efficiency is not high. Modern procurement practices not only limited to the stock market, is to look at the price discovery function of the futures market or the forward contracts trading electronic market. Electronic platform enhances the flow of information and transparency, through which you can achieve timely procurement, thereby broadening the procurement of temporal and spatial scales.
2, procurement objective
traditional procurement practices continue to file to meet the production or inventory and procurement, procurement lack of initiative and flexibility, it is difficult to meet the real-time production needs change. The modern purchasing behavior is usually driven by orders, alternative markets a wide range of both the spot market and the futures market, the increase in the purchasing department of initiative and flexibility, reduce unnecessary purchases, thus reducing inventory costs .
3, from the choice of suppliers the
traditional procurement behavior, choice of suppliers is usually judged by "shop around" and determine temporary or short-term suppliers cooperative relationship between the supply and demand sides, there are doubts and distrust, and the operation of greater uncertainty. Modern purchasing behavior on the choice of suppliers is usually in the open, a fair Louis Vuitton Outlet UK, equitable and transparent information on the futures market, the use of integrated, comprehensive transaction data examine, evaluate suppliers to achieve mutual benefits.
4, the
traditional procurement behavior from the point of view of concern often focus too much on the purchase price, select the lowest offer. Quality and delivery control through contract acceptance in accordance with the standard terms and conditions, reminders reminders transport, arrival of re-examination, after the quality verification checks, that the quality control is ex post checks. Modern purchasing behavior is not only the purchase offer, as the only major consideration, including quality, delivery has also become an important reference standards, quality control is controlled in advance. Especially in the futures market trading varieties of deliverable grade premiums and discounts regulations, settlement periods and so listed for trading there expressly provided, in violation will be severely punished. Therefore, the procurement of modern procurement practices other than price risk is significantly less than traditional procurement practices.
5, information from the procurement point of view the
traditional spot market purchases narrow source of information, lack of information. And information security work is relatively strict, severe asymmetry of information, so the risk of relatively large procurement. As an important part of modern procurement market, the futures market to establish an open, all-round, high-efficiency information structure, the use of the most state-of-the-art computer technology to transmit information, to ensure maximum flow unimpeded exchange of information information transfer speed, explosive characteristics was open, fair and transparent, and its also continue to invest heavily to improve information display system. These are the traditional spot market "selling" information transfer are incomparable.
In short, as the traditional spot purchasing patterns the fallback and renewal of the modern futures market, in to expand procurement information and the scope of procurement and select suppliers of goods play an important role, and the purchase price to select procurement cost control The method to be greatly improved, especially in on procurement risk control, the new model to promote the revolution of the purchasing patterns of the traditional spot purchases + futures market, more and more attention by enterprises.
three the
purchase of the futures market for the control of various types of risks in the procurement process potential risk of light can cause economic loss, re-enables business failures. The procurement risk can be divided into supply risk, quality risk, price risk, technology risk, information risk, the risk of moral hazard. Compared below traditional spot market and futures market procurement risk analysis, as shown in Table 2.
many leading companies have, from the point of view of the procurement activities of the various types of risk in the purchase of raw materials to give a great deal of attention, and set about establishing an effective risk prevention mechanism. But the peculiarities and limitations of traditional procurement market risk control measures are often taken from subjective administrative or system in mind, these measures and means are not effective market-oriented measures, lack of objectivity. Spot market operation mechanism, the futures market since the date of birth, we established a set of strict Sac Louis Vuitton, objective market risk control mechanisms, and constantly modify and improve. Especially the Chinese futures market based on lessons learn from their foreign counterparts, the establishment of a sound risk control system suitable for China's national conditions, to ensure that the specifications of the futures market, efficient operation. First, in the operation of the market risk control mechanism, the futures market in the trading system, trading running a rigorous and scientific design, including the standard of futures contracts, margin system, date of debt settlement system Change rate limit system and force level warehouse system, forced to lighten up the system, the system of position limits, large position reporting system, information disclosure system, the hedging system, the delivery system, and so do a very detailed strict rules. Compared with the spot market cost of default, breach of contract of the futures market to bear the high costs of default unthinkable, which is why in the futures market, almost no delivery of the reason of the breach of contract occurred. It is because of the risk of such a market-oriented means of control, so that the common supply on the spot market risk, quality risk, credit risk, the risk of fraud and moral hazard to escape detection. In addition to the operation of the market risk control mechanism, the Chinese futures market to establish administrative supervision agency of various futures exchanges, the China Futures Association, and Margin Monitoring Center "five in one" by the China Securities Regulatory Commission, the SFC was called the world's most stringent regulatory approach. This regulatory model with clear responsibilities, division of labor and cooperation, information flow, mechanisms, pragmatic principle, to build up joint supervision and coordination mechanism, including the mechanism of information exchange, risk warning mechanism, common risk control mechanism and a joint investigation mechanism, the final guard against market risks, maintain the smooth functioning of the market, and to protect the market healthy and coordinated development goals, and to make up for the lack of risk control mechanisms of the market-oriented operation.
Of course, the futures market risk prevention and control of procurement is not a panacea, the risk of price fluctuations of the futures market is sometimes more intense than the spot market, and sometimes even a technical risk. Technology systems failure and lead prices interrupt transactions stagnation, bank-transfer poor, can not protect the futures trading business normally, may give the customer losses. As technology advances, the probability of technical risk has been getting smaller and smaller. The
worth mentioning information risk in the futures market. But it is very different to the nature of the information on the spot market risk, the spot market is usually a lag and some other adverse consequences caused due to lack of information led to the accuracy of the information is not the procurement misleading, and the futures market due to serious flooding and the accuracy of the information is not blind obedience and other adverse consequences resulting from information asymmetry lead procurement misleading.
Fourth, the role of futures in the purchase of raw materials link
In general terms, the futures market is mainly helpful to be procurement management in the following three aspects: First, the futures prices as spot purchases pricing benchmark, to help enterprises commodity pricing management in many forms; Second, the futures market as a large supplier of raw materials to expand the range of corporate purchasing options; Third, is to use the futures market to lock the cost of raw materials, to ensure the realization of the business processing profits .
1, the futures prices as the pricing benchmark for spot purchases
traditional enterprise procurement of raw materials pricing model. In addition to the common spot bargaining mode, as the pricing spot on average to arrive two months after the spot price as the pricing and other model. With the development of modern procurement mode, a new business pricing model emerged that enterprises use the futures market can be combined to a lot of the new pricing model for trade purchases, variable spot a single pricing period is now a combination of three-dimensional pricing model, thereby enhancing pricing efficiency and fairness of the pricing. The
generic of the current combination of three-dimensional pricing models should be the most important futures price + the pricing model of the premiums and discounts. Domestic and foreign traders spot trade pricing system in the formation of an effective pricing method applied to the futures market Louis Vuitton Sac. Advantage of the pricing model that is both fair and reasonable. So-called fair is the pattern of futures prices in the futures market open, fair, just, centralized auction generated, there is no price-fixing or price gouging; while the so-called reasonable means the price of the futures market as spot circulation base price, because of origin, quality and other factors such as a spot on the futures price premiums and discounts is also taken into account in the pricing when buyers and sellers. In fact, the futures price + premiums and discounts "pricing is the mainstream of the international commodity pricing model. Domestic nonferrous metals industry in the use of the model pricing is relatively mature. International copper trade, beans and other grains trade also tend to operate through the trading patterns. The pricing model is more prominent price formation, market forces, bringing buyers and sellers in a relatively equal footing, and operating mechanisms conducive spot production and trade to establish equality and win-win.
2, look at the
futures market buyers corresponding counterparty, strictly speaking, not the seller of the goods to the futures market as a large supplier of raw materials, but the futures exchange, so the Futures Exchange as a large supplier of raw materials. Only the raw material suppliers are very strong, very good reputation, the quality of the goods is very reliable, punctual delivery. Therefore, in the procurement of raw materials, in addition to targeting the suppliers on the spot market, should also be turned to the futures markets, commodity prices to see the two markets who gifted, and taken into account in terms of quality, reputation, delivery . processing profits

3, use the futures market to lock to ensure that the cost of raw materials for the production and processing enterprises, especially orders processing enterprises, the most worried about in product processing contract signed during the processing of raw materials procurement prices continued to rise, and fall into the sales price to determine the cost of raw material prices has been rising continuously embarrassing situation. Lock the cost of production for the lifting of such worries, the expected profit, so bent on making the processing and production, enterprises can consider the futures market hedging in the futures market for the purchase of raw materials required buy period hedge against inflation operation. The
specific practices are shown in Table 3: when processing enterprises received orders, procurement of raw materials would still take some time, or a moment to buy not all the necessary raw materials. To prevent in the future during the production and processing of raw materials prices rose sharply, enterprises will be allowed to buy raw materials, commodity futures contracts in the futures market, until the procurement of raw materials on the spot market, the futures market long positions equal amount of unwinding (also can not in the spot market purchases, for delivery in the futures market to obtain raw materials). So when raw material prices on the spot market, the profit on the futures market can be used to cover the part of the spot procurement costs increase; while the spot market prices, the lower part of the cost of spot purchases to offset losses on the futures market, thus the cost of procurement of raw materials throughout the production and processing during the lock. The effect of this practice analysis are shown in Table 4.
from the results in Table 4, when the futures market and spot market prices up, both or may not be consistent, regardless of the situation or circumstances, do we find that the futures to reduce procurement costs is useful. When the futures market and the spot market price at the same time declined, although the decline may not be consistent both, but regardless of the situation or circumstances Fourth, do futures to reduce procurement costs is not only useless, sometimes even result in the futures market larger deficit engulfed modest processing profit, dragged down real production and operation. Enterprises buy period hedging business risk, but also to deal with during the production and processing of raw materials price movements to predict. If the price trend forecast error, sometimes the result of hedging losses. Therefore, the enterprises take buy period preserve and increase the purchasing management practice prudent use should be based on the actual situation. Five different stages of the economic cycle the use of different procurement management strategy in the futures market the
economic cycle general constituted by the four stages of the recovery, prosperity, recession and depression. The study found that the performance of the commodity markets in the boom phase of the economic cycle and stagflation stage is ideal, and the poor performance in the recession and recovery phase. Corresponding to the different stages of economic operation, in line with inflation levels has also been divided into four stages of inflation in the early period of inflation running high, deflation early deflation and low running period.
1, the
inflation of inflation the early futures procurement activities control (see Figure 1) early futures market characteristics. Rising commodity futures prices and spot prices to follow up. The corporate decision-making or the material procurement department should fully analyze price trends, spot prices, sufficient production of raw materials for the production of operating reserves, in order to control costs. Once the spot price of a rising trend, in just a few months it is very difficult to reverse. However, it is in the process of rising have callback, each callback is a good opportunity to purchase the. Futures instruments procurement (buying) this stage is more appropriate. The
inflation high futures procurement activities of runtime control (see Figure 2)
When the economy is inflation running high, commodity futures prices up to a certain high stagnation or run high for some time , but not very long, you should not rush to purchase emergency if not production of raw materials, finished products, semi-finished products, to be then the price fell from a high of procurement. At this stage it would be inappropriate to adopt the futures market for the purchase of raw materials (BUY) management.
3, deflation the early futures procurement activities control (see Figure 3 after another round of rising)
commodity futures prices, will produce foam, in order to control inflation, the Government will take a series of closing tight monetary macro-control measures, commodity futures price index will be used for the adjustment of the high dive style. As a corporate purchasing department should macroeconomic policy a thorough analysis of leading indicators, combined with commodity futures prices, strict control of high procurement activities, to avoid the risk of high-priced purchase. This stage is very unsuitable for procurement (buying) activity in the futures market.
4, deflation is running low Futures procurement activities of control (see Figure 4 after a hard landing after)
commodity futures prices Sac Louis Vuitton Pas Cher, the spot price of raw materials, finished products, semi-finished products will follow together to adjust down, the adjustment in place would bottoming fluctuations up and down for a long time in one during its fluctuation itself high and low, as corporate procurement and supply sector based on the production of the required amount of tissue to acquire low-cost, reduce enterprise project procurement spending, and considering the use of procurement (buy) futures market, locked procurement costs make early plans for the future production of the enterprise.
[References]
[1] peak: look at the futures market from the perspective of system risk control [J] SAR economy, 2006 (10).
[2] Zhao Binbin Zhou Hin, Export Trade: the prices of soybean oil futures market at home and abroad relationship [J]. Anhui Agricultural Sciences, 2008 (27).
[3] Tao Pei, Wang Jiguang: inflation futures market and period - current price relationships [ J]. Financial and Economics, 1996 (5).
[4] Liu Fengjun, Liu Yong: An Empirical Study of the futures price and the spot price fluctuations - Case of agricultural products soybean [J]. Financial and Economics, 2006 (8 )
[5] Xiao-Xue Liu, Huang Jian: China cotton futures price discovery function Empirical Analysis [J]. Statistics and Decision, 2008 (21). [6] Yaozhuan Jiang, Wang Fenghai: Chinese agricultural futures
market efficiency empirical analysis :1998-2002 [J]. Financial Research, 2005 (1).
[7] Zhang Ye: Dalian the corn and Shanghai copper futures market price discovery function analysis [J]. Jiangxi Agricultural University , 2009 (7).
[8] Yantai Hua, Liu Yu Yang: An Empirical Study of China's commodity futures price and the spot price agreements entire relationship [J]. forecast, 1999 (3).
(Editor: Liu Bingbing)
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