![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=1739687165-nkzpg5anGo1ECNmZRuzfwsAhrRn4esR8-0-4e09daf67342ec1481325e996634e192)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1739687165-p5TC32JyPdGqH1SKJVylXFS6rBTtkzkk-0-4763016a224a43be7f52f90c87e436ee)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1739687165-nPsrTjv3JbVa3lNGOdC80RqcVAHe6Bti-0-1574213d00e3cb67ef1d2b9ce0b14382)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1739687165-sPcArmElwq9aVJG456Q55s315peZFAVS-0-4c14015996755e1ad5a6ad428eaaadc9)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1739687165-2bdFbBFvMKcMkxHV3L561bJngb4daSWs-0-a01b943df8d170e43199dac93c3b45a5)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1739687165-PAtkjX26u57ElHugVTkC6ya6hgIKxDAb-0-2348c965e3c4c503aea80ce9a4c2d6a8)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1739687165-6cDDCIahJIZdy7QqPT2waYjnkkZpdzDl-0-ecf9e9ea08c6abfa6246d780d3029b14)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1739687165-yRX8kgQDxLjIo4J6PgKPSJ8McXHiMazQ-0-339b40758085969ed40718f86d238cce)
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=1739687165-UXTSOOwAcayy2bvdqSDxl72952TnLzqD-0-426c24a20c7854c6ec6ebcc92fe7a8a5)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1739687165-sEz2FQfEg0vOx1S0Sz7s4PUUoCgz1jmG-0-8c77a0e7b014cc022d1fd59200e2d742)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1739687165-dTGUQa4CUAjPfSsktLq0YRfH5X9fgMD9-0-a7cd29b56b485219ea204f6fe7cc487f)
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=1739687165-WzSWUmmX91wa6gyMReb1LYQ9wH9SV1m3-0-b4bbe9d168c7040163b771e262e0499b)
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=1739687165-aa0RCuv1mNnljXMxGfQNy5lGDHFAyA88-0-04c2996b14c62ba96fba02f888983d60)
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=1739687165-b6J1wiAEtLifrBTVf5yszUQ5GnFGcQBI-0-3112b79d62298690c1ba105d5cad8ba2)
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=1739687165-qtkr3ueAXeVFoh9uVE1uAKlPsDGLSsJs-0-2107153cb19240e63b7896ad75090ea3)
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=1739687165-YsEMr1nR2OCjkbaVjCumj3PRO4f0VMwZ-0-eec26efac346d332182c40096f01ac73)
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=1739687165-xTiIoPa6b5hktNPNdyn3U78m1Uh48tUW-0-86ac44f81b808e059f6c7d1172ff5959)
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=1739687165-Feaf8uXickusheVIAete6Ne82Yd1xhFA-0-5d542464e76cb8c8ccb6047bca6619e0)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1739687165-yzS4r7b8zWaJiMUXRuQDBdKkiQN0ZK6F-0-904eff257f62b0f4afeebd0016a8549c)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1739687165-bNUNJycCNa4Tujkz61FkmSL3APpkeyot-0-d0a854f92386190f9e37ddd57133b1c5)
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=1739687165-ZXeVI5t2rVfWa3pNULt8d6O2SfpodRMF-0-4a84a95e3f62a7d0a34c33e9a4ffd922)
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=1739687165-ylWGQiUhqx39K1sWVDHt2KDhPFIaZwyA-0-4ad1ccfe94b7f82dcf79dd5090493463)
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=1739687165-pa1xA3XVkkf6JkXFwnr5bTv0HQk2VskA-0-1b7b991c4f0d9985f62848c07c3f2dd3)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1739687165-epiN6HDJDnyDodhDjepHdk4dMd0XkAYo-0-24bcb365eb0efbfdff7a872e046aa635)
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=1739687165-eiJhp4saAzitfWUrXHOydLso9nq6H46I-0-9d7f2da4267d5c5172dd0a90e23e90a0)
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=1739687165-skfrN6PB20ESY42AtkvZzQzXprxFszdK-0-accf784a9201fac5100ae0584f303c80)
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=1739687165-642RuzLNEkYCKCx2KtKJAZOYPktFj55f-0-0b70c58e3774c2e784a0559725855954)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1739687165-2KE9WQMFeSqZCZrKoR89GLaAhr0aCE9a-0-875c62f169ee07c14842ca77c317b60a)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1739687165-fQU1MuSgIbZOtQImwrznNFlzIUiBHXYk-0-34cf7145b00e8bcf7cd60d40468d0da9)
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=1739687165-90jeMyBYCxzCVCUT3eh3SPGXPKVNGVrZ-0-5d26af7f8d77c2d4ca2ec35ea8c902ec)
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=1739687165-EUfW5X22QGBiRRtYQI3bbhLCzOW3047G-0-75ecee78d5aa4ce2e29444daca523566)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1739687165-19lneCfcI2stpbzkOEIlytgvrYavArJ0-0-e21ee68eb59cb650a836da79136d98c0)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1739687165-QGWsowmWc1ewNKHCAOEZMaxw97zN9Xiv-0-e336159a2665a5c90493a1ba0532010c)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1739687165-aIeyCsHydkS9rvJ3bU1mjvw9zezxWl6k-0-4c9ea48a1b0f37cc1a62d5af618d410a)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1739687165-Iee3aQXORqvzCsaCsaY2RlKywN4TXJwR-0-60475e6dedbd914783dbbee49a5080b6)
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=1739687165-yuzqFJpk7m6onAvCFUxLmYxG7Z423Q5p-0-768832310a4274871b0b48f356699b92)
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=1739687165-5qqDYZtJ10BZc2ihi3Uvzxu0pPx00Vwd-0-9ca68e34841ddd0afc999ef564bf6bcc)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1739687165-S8Yy0rvkfEIfJUxl4V2BL2G7oo7VHnd3-0-0fe886982422f4c25e3a0a67767e3283)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1739687165-OG5fjKVUd0fmXB1s0kd7GxvRdFYxA4GU-0-f1cb896c32a8b5d3911639de890e0b62)
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=1739687165-plARUQXWbQPM1i4ejGh93t9QgcigkaOg-0-9e3f7b1b9f45127e415d70a77cb7c1c9)
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=1739687165-O1w5AzpC2l7F32cDCHsUp5ASifMeIBTF-0-ecc2858972c1e66f3b925d0305592f2b)
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=1739687165-ltqUIq8sQuJd17nFTYpahQ2l35kpR916-0-a1de40b1c5c0c3c3b5c26ec42f4d329b)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1739687165-eNQYf5Co869QT1KPaYgplrNshfqy5UWR-0-b1275d486d37317b832b89e8bff91521)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1739687165-l1Y8wn8KFrS8C7wLb3vOocYFTSj8UzMe-0-0af92539420458d537e7db48698b13b8)
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=1739687165-fmxuypNMhUrwIOn0NSoz6dqfo6pDH7sI-0-5e9ae27f6dc5f884b512e944d31e1593)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1739687165-BSiXjv0RXJ3IkmZAcEA8G45OgjicKRvf-0-2494eb662f95bbcb331c93053bab3c04)