Article 46 of the Trading Rules of Zhengzhou Commodity Exchange stipulates that "call auction adopts the principle of maximum transaction, that is, the maximum transaction can be obtained at this price." According to this regulation, call auction generates prices in the following ways:
(1) According to the principle of price priority and time priority, the trading system ranks all effective orders from high to low according to the declared price, and all effective orders from low to high according to the declared price.
(2) The trading system will match the buy and sell orders in front of the queue in turn until the transaction cannot be completed.
(3) If the last transaction is a complete transaction, that is, the number of buying orders is equal to the number of selling orders, the arithmetic average price of the declared buying price and the declared selling price of the last transaction is taken as the opening price; If the last transaction is a partial transaction, the declared price of some transaction orders will be used as the opening price. The price is rounded to the whole number according to the minimum change price (4) of the futures contract. If there is no transaction, the first transaction price after call auction is the opening price.