![四种商品期货的价格下限研究](https://wfqqreader-1252317822.image.myqcloud.com/cover/920/30009920/b_30009920.jpg)
第一章 商品期货的价格波动和价格下限的理论基础
第一节 商品期货各个品种的合约规则
我国有三大商品期货交易所,共上市交易47种商品期货。这三大商品期货交易所分别是上海期货交易所、大连商品交易所、郑州商品交易所,分别交易14种、16种、17种商品期货。各个品种的合约规则在下文中会详细阐述。
一、上海期货交易所
上海期货交易所的各个品种的合约规则见表1.1—表1.14。
表1.1 阴极铜的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0009_0001.jpg?sign=1739982111-vNaiN7r8piFgzocfMN3GiC53MyHYnwKx-0-57ea25a73d2d151abb4194f5be316f3b)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1739982111-wvHpSq26GFFhs6WirIaxcMXnxX2WSh5m-0-cfba9079d44934f1d559addd62934d28)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1739982111-Kbv2N4YB15NugRI6LfOhdbFo8IOAlEx4-0-14d2b89f19ab7e3af11eea42a0c84005)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1739982111-hParxZ0PkfKtcllesKE4MKTm0Lv4MGLH-0-dc3b85598f5bafbd97ec521f67c5aac4)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1739982111-WLsPakFx0MgDBNdmgzCx4MHNcQDG1RUG-0-9e90ec44e0b34114bfec222264678d5f)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1739982111-5mMMOVkW83gEtfvV6L7dm8vcb457RUxm-0-3addab2ee54193d0fb135a0b10c24333)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1739982111-b5jd2qVueYyVOXLpK2HkKq3mRbn7VxOh-0-e227394cfbe2132ebe56fa831b02e634)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1739982111-wrPuQaTx0UjVnCeVZSajpKRb7RkReOva-0-bef0e064325b07a4019ca8db7ee6c73b)
表1.9 螺纹钢的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0015_0002.jpg?sign=1739982111-ZPo43YAY9oKviXV1FjEAsv1IT1Jkt9P6-0-b216d79f292cef668e7aeefe6cc238a2)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1739982111-909OyJiR4lD49HJxZ6l3ANAT5882eAqa-0-f069b8236c565a8a0b51551d1c524c37)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1739982111-q4Yny10gA3hsAD1jzXRABk44UPFKivMp-0-6b879bc80e7c55066114eb13f77f0f82)
表1.12 燃料油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0002.jpg?sign=1739982111-T45672LvAT6t4szg5720PhlOnYHmGt4o-0-70f98b56d15c7fc6b5d7edd505d84948)
表1.13 石油沥青的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0018_0002.jpg?sign=1739982111-BJ9SBfZ9lO5d9sckQUkZ9BHTT8e9u699-0-f0f30f8fb1c936f961d77fb852c1c0da)
表1.14 天然橡胶的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0001.jpg?sign=1739982111-VA4ZCntrrCE71C3nFi97wMdzNuAlP8Bc-0-2c9cabb413e7710c31edc70892958dc6)
二、大连商品交易所
大连商品交易所各品种的合约规定如表1.15—表1.30所示。
表1.15 玉米的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0002.jpg?sign=1739982111-Yv042wmxLKxNrV1Q3waKVs1jL4F0Kdjg-0-7734d04d0e41070284918377404fe1ba)
表1.16 玉米淀粉的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0020_0002.jpg?sign=1739982111-NknQpU10wbDeXnI5oIDGWP0AzVoYz7St-0-487b1d7932ad8767281c7f88f5d1828c)
表1.17 黄大豆1号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0001.jpg?sign=1739982111-p1kQURe4qy9kHEd8RMBvCmeGXNDhw0I3-0-8689524be7e2e13bff91671fb4bbb436)
表1.18 黄大豆2号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0002.jpg?sign=1739982111-RgCiKVJtA5xgULqNuAqtB3Y3X37OxSxW-0-dbf7f83a65ebd94b6f18153d4b67dde9)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1739982111-PkkoXUTukxaFzmwYJ5vrBbBemqa6BZrS-0-01007d62ca61ba3c7b50f42733dcdaab)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1739982111-kiQqcmBcfN0jL6g3zb5YnuSqRtDRZDqy-0-cecce8cd5700e3e5aa27f32ab2ceb995)
表1.21 棕榈油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0023_0002.jpg?sign=1739982111-vit55CywlYrZv8y5o6eDMlj9D8wHdW32-0-5f2308d8823d18793048276c24d49080)
表1.22 纤维板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0002.jpg?sign=1739982111-At7vdynDqeRUIXt5W32plG8Foe26mhCY-0-cb1dc0d32d9b5442550466f994a85763)
表1.23 胶合板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0003.jpg?sign=1739982111-2rs3cNUUVGL98z6YZhMxHj8SC4NehEnS-0-c620cf4672a0c7242fb62ca77081cb26)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1739982111-6LSot4zEKPLalJTLddjJENc1NxwDDEMf-0-d5645e32796b343d2141149e31bd67a2)
表1.25 聚乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0001.jpg?sign=1739982111-gBQDa2QdHwpNPNCFm9gB6YnRR3ZvRSdz-0-b0c85bc4a75718cbccf06c8ccbe16a4b)
表1.26 聚氯乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0002.jpg?sign=1739982111-zjwHnZTD3Qcc7PzJBA2rlLrEcP6QGAaP-0-13c54a17d1a236b57df185a57b1822aa)
表1.27 聚丙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0002.jpg?sign=1739982111-5gUnt4oGjwzjaAH5riFbt7sYVHRD50cr-0-f8097f6a8fef47760426e8de67dbdfd3)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1739982111-siE6cKaYc1ukcaLQ0UR38tVnmW5vqg5A-0-d258075584f7ebbe4131d39c66b125e6)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1739982111-JxZATMviJqo2pw7Z2950K17FVp1Uf314-0-85d854792dd4d99f890d6bc69fbe6a79)
表1.30 铁矿石的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0001.jpg?sign=1739982111-jbRSM9H3PxZ92a88FV7fgH0y6zizacuO-0-40920da0f324a8d517760f072b477b87)
三、郑州商品交易所
郑州商品交易所各品种合约规则见表1.31—表1.46。
表1.31 强麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0002.jpg?sign=1739982111-sFbSYUFnEGRavAW6rxhcveo2hzrENd8j-0-801d2dbc6b0dc1468759324d7c4cf539)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1739982111-aS0dVUjfETz7UuPCwVWqfozcrzRr8sVu-0-e2681f741281e2c8456fb642d5e3b279)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1739982111-iv7Hc7S7A2WQl6JJBRDdXONsWxkF00C1-0-dd9a22e9b4c40fb52ade73785f0a8cb7)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1739982111-9LwnAc2xCbea4u8LCgVT1bXDfylEbag3-0-3d0151e83068bc8f8845b8ac78a58d48)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1739982111-fw14oN9k7eLKmZeDo0m6XPTEhNqZiqiZ-0-80f107fc24b9582ed551fc401d9e7d88)
表1.36 菜籽油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0033_0002.jpg?sign=1739982111-fOwgttnqZyOp7hRoyQM41wLKzLQH39bq-0-3247fc82dbf999411948dad715f115ea)
表1.37 早籼稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0001.jpg?sign=1739982111-05rkDpkmok088obFSmDvAz0R6sfIjFIX-0-9fa57c35aadda813d73f6e451e91f428)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1739982111-FVWuWqFiFCVsCE4sRUzqsndRwONUoTat-0-5744de244554daedf57a521c2a47b185)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1739982111-n5IpFelR6OE3h8IM3VCxWTv4TRmZ6tgI-0-18740499b61e9c164dc89ad4ae4e9022)
表1.40 油菜籽的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0002.jpg?sign=1739982111-7mwQuukKbgM1lino4tJBJyi8NWp2ECCH-0-8ccf9f0b83ab04ec7f8fbc171342889a)
表1.41 菜籽粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0003.jpg?sign=1739982111-tgfSMuqyxubXPp85POYeG47NN0TBZtxu-0-6cc4da19bcd3b18865a254eb7c436fd8)
表1.42 动力煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0037_0002.jpg?sign=1739982111-hdeesFA3YI60v3c4xNVshmUsoGecMEMj-0-2883d082c34b6c457b54c732983d8474)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1739982111-0yiZs842cNofHNuk2N6U13xYKhpyv8CH-0-96220154ffde2861fe525787da9f3154)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1739982111-jdOMDkayRz5QdggVugZghUqO60SjMjtX-0-9ebe92d28825cd77e0e249d950c76941)
表1.45 铁合金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0039_0002.jpg?sign=1739982111-v9Lmta07T8fVKaDvEUWRkiCehXGxEctN-0-9ee26558f6813a7de9d6de03a11e20ab)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1739982111-mRFuVaqQ2ogCND3gIsm24e0YXHz53Bwn-0-1a3ac376ba3f44282862ddc9a0b04762)