![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=1739615783-Hv7a2EOPscp3JOk7TplVkkctRgO0OSGv-0-cba419db83e400b237fa863c92bc94dc)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1739615783-udJZOl7FXM6HyILraFCtULr16hagQc9J-0-a7bf3682b6b507f9993805c925d14694)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1739615783-z0vWqdX3YoLWlg7B7gWUysntNsgXnZD2-0-91cc12983035d54de71091dfe0fb095f)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1739615783-CpBupQKRseJYoLrptHJ8mCZZGaqLXJM3-0-757c3a8eafd801a06cac99c18b51d6d5)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1739615783-yGtfo7tIgx8dWLynGt4M8O9ihQ5S9RKc-0-d598e33fbd8a87292c5f3db4e45d9217)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1739615783-hW5YHbf7CTurKzBArrmBbI1AoSs6dFJt-0-f04f4198352a4ec4ed06219af6dd84f8)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1739615783-p2ZcrsJaGPHO8rA4GGAHb83D6RKjE7iN-0-eedf7d24506fa089b373338c26166220)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1739615783-Xi2EBX9mPHLEsPtVLNwl9uGfo63zxoqr-0-7809dffc68575cc7b69d1bf4978a172c)
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=1739615783-5dYkUxT6JFQsB5ZJIk7LlVw8uavmnNWO-0-c10d694b17232f3d756b11c68638d039)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1739615783-2b1BkQBdYM31NOqRqplAXh4lkEej8gTA-0-195f3e9a8305dc7508a5164f1fe58a7e)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1739615783-VXp1UykhTmTr9zFjEBqek4DIk9ct2HBl-0-d4846337363387eb6a9fcbc0d0c8384e)
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=1739615783-natsyl82GwbAhQlqZRUtVIX6KLEoRLJr-0-6e251c1cdd77d0ea115fa0b204fa6675)
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=1739615783-tXNg8MaiFC3Bj9cZTW1t1nLmkEoN1eef-0-b5391445f2cb751247f05e86a3edf05e)
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=1739615783-ZmoJ2GIGuE5iNBzFSAOuLVu4l73CT9yh-0-8004bc3b4b602689284bc3c1a8a90d11)
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=1739615783-vkGUGtEADaeHDLquKbOebP5dmHsOOTIK-0-2f20d8d2455744c6650731e078b9791e)
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=1739615783-N0nKdhQOJqMd1a85j5Aj69SMcu64Y2M4-0-2bc9a0ebd065fb19105d29178c5d63de)
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=1739615783-urrWHE1oX39suChp6Ky1nwQqev4xyqFI-0-a30e8467412c06e8a0ac4b45167df826)
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=1739615783-rIz68bmspizAH4kQQGDG3sjGpdcOtDpJ-0-c0dd5c454c17e79f85b2523bc29d1680)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1739615783-9X1aN5MBrfLr9RpzEoKJUAAcvKFvj4GI-0-c2fd824affb2352ea94a682447f77f34)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1739615783-mpYJmQn08lX4psT8mPobzRiBdY26kGUz-0-1da4318f59558937e1a5f9ba356f1c6d)
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=1739615783-xPkh0yYNxJBW0k72RVFoeHklnLnrr4Vr-0-7e5006c911ee535b7d94ea5ba62b8a8c)
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=1739615783-7FHdHoRevP7IOSnuR5fe08Yxb9dq5w3M-0-e6c05fa783a86fb1fc495e347e85bd8b)
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=1739615783-fTgfmSI4ud5Tcr02Be8oahxmHHrKAz6O-0-cd8a55539172992a815dfae5180c341a)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1739615783-4NhIzmenVw9Y2rdSCRFJdqNJaNrf8qnl-0-0d8a0705195b2a2005f7c5d67b0b7fab)
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=1739615783-7c0oTA0mrdm3XX9aLFd5mjaoe0BmqbS2-0-7fa8b4972f02c2b2e3588fe0ae72e8cd)
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=1739615783-cbIe1QoXIeHRM5TDYT7bacYaamtPDggz-0-17a95ee58389f0b3ab5199a7564b35a9)
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=1739615783-mGZwE323IelxV77QuQHjhngZugD786Qe-0-153ab530dd1afd4f9f1e44ec26bdc073)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1739615783-8sL1nFqXkbijfCtFrOKYLThCSv05lEVl-0-71d0ebc7837c276907e346bc88685bae)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1739615783-qBjyNTuh7OfhLpyakNtXRzcZwrA9b0MI-0-16331455b3a8f3480531b351f12aa794)
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=1739615783-3EV66NUJNlzP0y1MBVnG4GSmFmTQsiCA-0-a5eb76a4b3d03a26b431d87fffce90e8)
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=1739615783-mhv0RztgsNK1PFGYvckX0nnqC5yorLfF-0-d103d759d62cdcd24adacdcf8841ea20)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1739615783-hhjtQYrJ1YyFsOVsRfELFNIEs1gsLnLk-0-d371f3b58b358b8841a3e22d253c0c53)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1739615783-Wi6bIczIgjoi8Qr86YGTiPYZkzZVcnvJ-0-b1cf063a8650e4cbb32f43e7750aacfa)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1739615783-SpMkoviJ64nEkkoZy6V6otXEmFu9DIgE-0-16d32615dac21a371ada43287319237f)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1739615783-zqqFRaOQuqJXl6Vam6w0D8Y2iDy9PA6x-0-6ed25e933825d72fb87640a512c150db)
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=1739615783-Zcjokr2JAtRngrg3JClU6MKoNAoAVdQz-0-803526b86aa779ea72da2828cc295b9d)
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=1739615783-AdlJ6qqOAwVUpnQaOweudIkAtWchFRD4-0-cb167567f26c6cd0fd223f1e053705d4)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1739615783-gZCdaCq1Wz5coRcADN1izWY6KGTOHoQJ-0-5fbf25498ed36244fcd7ac1f4b75c825)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1739615783-g7sB3hQJDHLclUK0fPkqKiCttGUf644M-0-62bd57fc77134eb737ba16b25c8a7a87)
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=1739615783-DrHLx2vtzSNcg4iQuZGMCD710VV7ZbHY-0-f8e2dc6321075f6b11ca819cd9e88c01)
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=1739615783-j9N4cAOfpnLZr6fHpxOcCDJY0uGCphc9-0-5d3dd755b7246f770ef74671afd89b8e)
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=1739615783-FRbDRv1j0fCvAaPcete1Z6Dz4Gr9v7Iy-0-24b8c1ba88f947829d4fe95c6c2ebfa5)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1739615783-hGeeY3YYMYTxlUL7PtaYOny2ShukPJYL-0-8b67037de1254c5728cc575ec86c1e7c)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1739615783-jfBzaMDfJwWeOcxrIzgh3PCnOhEN5KNr-0-58f0caa24b3f6fa80e13a1b76ce493c7)
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=1739615783-JcBZ0KmjAyc6dl9aH5bK7fQAYmXJGRlg-0-69837ad169e1f95c8b85ed5b8a63b5f3)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1739615783-WWvVG4KsbWLXqmCrtUBCtrgrDyiLBYpE-0-0f5ce15096e4426b733b7b010f581499)