Futures transaction cost refers to the expenses that occur and form in the process of commodity futures trading and traders must pay. It mainly includes commission, transaction fee, margin interest and futures delivery fee.

The cost composition of futures trading:

(1) Commission and transaction fee

Commission is the remuneration paid by commodity futures traders to commodity futures brokerage companies or brokers. Brokerage companies in China also charge commissions according to the number of transactions.

The transaction fee is the futures transaction fee paid by commodity futures traders to commodity exchanges through futures brokerage companies or brokers. In China, the way of charging fees for existing commodity exchanges is generally calculated according to the number of transactions, and the fees paid for each transaction are different due to different varieties.

(2) Margin interest-cost of capital

Margin interest refers to the interest that should be paid for the funds occupied by margin (including additional margin) from the beginning to the end of futures trading. It is a kind of capital use cost, calculated at the bank interest rate. Margin interest is directly proportional to the transaction amount of commodity futures and the holding time of futures contracts. However, just like the margin itself, its nature is trading margin or deposit, not an integral part of the futures price. Its size will not affect the price of the established futures contract.

(3) Transportation cost

The main delivery fees of the seller's customers include storage fees, inspection fees, spot storage fees, futures storage fees and delivery fees.

The main delivery fees of the buyer's customers include: delivery fee, futures custody fee, spot custody fee and delivery fee.