(1) opening price. The opening price refers to the transaction price generated by call auction within five minutes before the opening of a futures contract.

(2) closing price. Closing price refers to the final transaction price of futures contracts on the same day.

(3) the highest price. The highest price refers to the highest transaction price of a futures contract in a certain period of time.

(4) the lowest price. The lowest price refers to the lowest transaction price of futures contracts in a certain period of time.

(5) The latest price. The latest price refers to the latest transaction price of futures contracts on a trading day.

(6) ups and downs. Fluctuation refers to the difference between the latest price of futures contracts in a trading day and the settlement price of the previous trading day.

(7) the highest purchase price. The highest purchase price refers to the immediate highest price applied by the buyer on the day of the futures contract.

(8) Minimum selling price. The lowest selling price refers to the immediate lowest price that the seller applies for selling on the day of the futures contract.

(9) the subscription amount. The subscription quantity refers to the highest order quantity that has not been sold in the exchange trading system on the day of the futures contract.

(ten) the amount of the application for sale. The declared selling quantity refers to the lowest order quantity that has not been traded in the exchange trading system on the day of the futures contract.

(1 1) settlement price. The settlement price refers to the weighted average price of the transaction price of the futures contract on the same day according to the volume. If there is no transaction on that day, the settlement price of that day shall be determined in accordance with the relevant provisions of the exchange. The settlement price is the basis for the profit and loss settlement of the open contract on that day and the establishment of the price limit board on the next trading day.

(12) Volume. Volume refers to the bilateral quantity of all contracts traded in a futures contract on the same day.

(13) position. Open position refers to the bilateral number of open positions held by futures traders.

Article 44 Trading orders are divided into limit orders, cancellation orders and other orders stipulated by the Exchange.

Limit orders can be ordered for up to 500 lots at a time. The minimum order quantity for each transaction order is 1 lot.

The quotation of trading instructions can only be within the price fluctuation limit.

Article 45 The market opening of call auction shall be conducted within 5 minutes before the market opening of a certain variety contract on each trading day in a certain month, in which the first 4 minutes are the reporting time of futures contract orders, and the next 1 minute is the call auction matching time, and the opening price is generated at the time of market opening.

If there is no transaction price in call auction, the opening price is the first transaction price after call auction. The first transaction price is determined in accordance with the relevant provisions of the Trading Rules of Shanghai Futures Exchange, and the previous transaction price is the closing price of the previous trading day.

The trading system automatically controls the start and end of call auction declaration and displays it on the computer terminal.

Article 46 call auction adopts the principle of maximum transaction volume, that is, the maximum transaction volume can be obtained at this price. All the buying declarations higher than the price generated by call auction are sold; All sales declarations below the price generated in call auction were sold; For the purchase or sale declaration with the same price as that generated in call auction, the transaction shall be made according to the quantity of the purchase declaration and the quantity of the sale declaration, and according to the quantity declared by the minority party.

Article 47 call auction's unfinished declaration forms will automatically participate in the bidding transactions after the bid opening.

Article 48 The benchmark price of a new listing contract shall be determined by the exchange and announced in advance. The benchmark price is the basis for determining the trading limit of the first day of the new listed contract.

Article 49 The price limit of a newly listed contract is twice the normal price limit (the trading margin shall be kept in the proportion stipulated in the contract). If the transaction is concluded, the price limit stipulated in the contract shall be restored on the next trading day; If there is no transaction on the same day, the daily limit and margin of the previous trading day will continue to be implemented on the next trading day. If there is no transaction within three trading days, the exchange may make appropriate adjustments to the listing benchmark price.

The exchange may announce a new benchmark price for contracts that have been reached but currently have no positions.