![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=1738890739-2AG2LBkLVndfpu2LC5wt5IVXpv5dfADS-0-4c4d8d76e7a38a5ee55893339d3ba8eb)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1738890739-fD7lvDtkEFkTMHpRxK1JcCdMGMoasylX-0-0a5fd22691c1c6d1ddae1f91b3195c36)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1738890739-HRzdk71TdX1Em11E0wAgjdCoThOvdpJN-0-4ef737c439124b5cb15e5697c7403ddb)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1738890739-PztEmxRCeFDQCjicj1ug7tiYEEpRbwoH-0-7117865282eeef74ba1a60ecb77c1647)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1738890739-IEx83Mm7qkFe7Q151LOIEc9bFMm9XHEf-0-aa5b29bde8f5de2124599c6f8c0e0453)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1738890739-d2rkuqMAwylc12bGAcwVNYNMXhM58cQ1-0-9b3d6392b877db570c450866925b838b)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1738890739-6bmgLUf2CXgCIRNcR9rxlwI4fQYKJRAh-0-8cfcf3602c5a1edc4467471133f7818a)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1738890739-DcuGhlgg5meVrREGHI5K3AlRjQbszvAU-0-73d22eba244a09a915df17c7abed2a12)
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=1738890739-FGcISJd41PUNmBRkgXZncoTIAABDPIDi-0-05e5be47d318d56e295b17fb76420210)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1738890739-foC9RtBoD7bqDj1MPCIstuGqgQXxIQVW-0-17bce599eccfd91e40631d5054f96543)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1738890739-L3IntGSkh40qiRZvWDLgV9EVFyYAu0oE-0-56059699bf7b618b2f6db8271900a691)
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=1738890739-M8ubYG9XBBqFhpqPX9ebpi2o286HX4wM-0-b0f1bff43d821b05e87eb43d6e5882a1)
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=1738890739-PK4XfFrHrW7jMOpeVDCqxeKLp3Do0pPh-0-32ab6eed1567fb0b455cb1d1687faf67)
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=1738890739-w6jJiwNqvcemSlWGvWVT1SmjL288K4DY-0-ecafb32fa44275780486178e4ed2d5b3)
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=1738890739-evcGwT9Vf5fHglXlDPJuG6acPf8fTGkC-0-45177be05d6269fd4876cf62548f8dbe)
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=1738890739-pbrVoYK2s3bN3RH5NiecDVUU23Zhlf6b-0-ad810c2fbd2be3ba09e2928871145f50)
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=1738890739-3ryPdynD2ClERBICFUJoMvZ2MC3GvJBM-0-e24b457f996c1def4298bc2d68ffbe36)
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=1738890739-rBTf5XSqohOGlzXLoFAKLiEBZ91Z5nqd-0-ec15f632a2aac7feeedac913d6e55957)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1738890739-cXsd6Fcd5jV68Zp6h74xKTlgQe1NwTZU-0-b860dab76c6ead9358abb28d17ae61cc)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1738890739-fsWiXrCgddsI1TFEKJyi8VhhP07dsvje-0-388ac015fd87e9bca52aacf563265b66)
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=1738890739-GstCZ3OIP5BIg1Qc9NsJCu84OMNdfAT6-0-79c608390606dd70d4499b7aca2accce)
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=1738890739-gauO7AtOB4xkNldIS2fJj1XIJo7ECq4W-0-1ba2098b62cb975b75f0b2aab13b4f07)
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=1738890739-2nIbGB9GXkn0FFwuvKgigJrnIVbJuSQM-0-4994a8a4a6190c9fae1560b9691e15ba)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1738890739-SvhwVc8l5vJ89KX9B9NX5LjJ75qHK18P-0-d52620a4d0ad0a6ceb7dc9a8592307ba)
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=1738890739-Mo8OvfZcDWTXnRKoVsECdRDYKydCJPun-0-b140f58a44b5aadafc8dcc62df07996a)
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=1738890739-44TZNBCtW4ZZdbSs3UceVQpqQ8FXazxO-0-9cfcf81eb7f534f46fc5c25c23038b9c)
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=1738890739-1qGlHBWSBZWtZGHfl4zXYrnvzQrXndNi-0-16f23e3e216aed99bc0ac621707c5c07)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1738890739-zmVspJ1zIbaP9YJ4lHsxILVFycYFTFV8-0-baf54d1178c9b2dba4e12c0d3ea52bc1)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1738890739-Seq9Uu6CvGM49eHtZGRTuWcithgfEaUr-0-0e2964a55fafd67532ad84b98127a79b)
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=1738890739-ia7jGuUG42DKltchQJFdFqYi1yesm6Ui-0-eb7186fda67106207e1b764e19218ea5)
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=1738890739-oKalgmycS7OYXYAEryDC7cBhAL5t3pa8-0-b3a0093a540829aea0c166cb23d95605)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1738890739-qznIWwkqtk6lOx7fi6Gupx9JnciS2XnU-0-0609f440719f9ad03fb985ef66041c1e)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1738890739-CpCelnGj57Y4EvuSACKqmajvKVHhPvls-0-1787ac9ae933958b9e94114ba0f6168a)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1738890739-tXb1s3kxc2BA1oi3pPaOpbKHU6UkGDM7-0-3df30509fb450bd812f84e33804a3cb7)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1738890739-JcSvmRmzSbkYcU6K9LI5NZzVQbut1DjK-0-c71a57656a7605b70f1fe7e8ec5c9c41)
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=1738890739-fcV5OQ6xRHiYazQnTGr2Vrk39c7YwAs3-0-aa2781eb9983ffd1f2b7c958a2f74948)
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=1738890739-yANHCUTWY7JvY1Xv9iAku94Kuq5ZwV8a-0-be37c4c1b2c642d7d2ab4867c864d975)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1738890739-1DJIF6Gsnxza1tMh58TLGMHRyU9FTVqy-0-0c95eac5df90de03fb2e131a1c27b10f)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1738890739-vPTONzs7FOiukzJY0xFHlYRUnevo2qTC-0-f974fb34d43eef6cb1395bca6bb96239)
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=1738890739-OCcpFFh6ELCAb7mGO4FR3v1lJz6c16ON-0-8242536f11c7d99d45510d315fbf4713)
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=1738890739-i8u3QdHimPJI9V9KoHRMIwUsOEVtCdWO-0-a7276327ace349eb7858068d04619ccd)
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=1738890739-RchqbJ3MuV8xtyVVy2B1P5EBx3vf2fuP-0-c4ea6095c647c46a8e697f5773847656)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1738890739-sMJda9xIkSUESdeGV6AAfkHe7aKAG5bv-0-6e1b3c58a74b99a89869d4d21de44480)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1738890739-eijaY9VmoPVl4lvZZogqOUosjpyDlGWo-0-a618f94efc3597df43e3923e66b1a2ad)
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=1738890739-v56zHLTR9zSDytCChC8dB5mQIZm5mEc1-0-dfa2f8a00406a3de97c3ca5447709ad8)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1738890739-oMIRSD9ZZbtTWYPeJD3IVTCvHNCS9YDE-0-62b04feed45a80b81bd9801b0ef5a5b9)