Lead is a metal element, which can be used as a material for resisting sulfuric acid corrosion, gamma rays and batteries. Its alloy can be used as type, bearing, cable sheath and so on. , can also be used as the shot put of sports equipment.

future

Futures are relative to spot. Futures are the subject matter that is bought and sold now, but will be settled or delivered in the future. This subject matter can be gold, crude oil, agricultural products, financial instruments, financial indicators and other commodities.

lead futures

Lead futures is a commodity futures contract based on the standardized characteristics of lead and futures contracts. Its listing place is Shanghai Commodity Futures Exchange.

According to the announcement in the last issue, the margin collection ratio of lead futures contract simulation trading is tentatively set at 1 1% of the contract value, and the price limit is tentatively set at 6%. On March 15, the price limit of simulated trading is twice the provisional price limit, that is, it does not exceed 12% of the benchmark price. The transaction fee for lead futures contracts is tentatively set at one ten thousandth of the transaction amount, and the delivery fee is 2 yuan/ton. According to the standard contract of lead futures issued by Shanghai Futures Exchange, the minimum trading unit of lead futures contract is 25 tons per lot, which is much higher than the minimum trading unit of 5 tons per lot of non-ferrous metal futures, such as copper, aluminum and zinc, which have been listed and traded in the previous period, making it the first trading variety to try "big contract" among newly listed commodities.

Lead futures contracts have been changed into small contracts since September 2, 20 13. Details are as follows:

On August 29th, Shanghai Futures Exchange held an online video lecture on "Revision of Lead Futures Contract Rules" for all members. In the last issue, the Nonferrous Metals Department made a detailed introduction to the changes of lead futures standard contracts and risk control management measures, and answered questions from futures companies and investors on the spot. At the same time, the last issue reminded the market to pay special attention to the following issues.

First, the lead contract scale was adjusted from 25 tons/hand to 5 tons/hand, and the delivery unit remained unchanged at 25 tons/hand. August 30th, 20 13, adjustment will be started after the fund settlement is completed. On September 2, 20 13, all contracts will be implemented at the same time with the newly revised contract scale. Investors need to pay attention to the changes of relevant statistical data such as trading volume and positions before and after the implementation of contract scale adjustment.

Secondly, the minimum trading margin of the standard lead futures contract is adjusted from 8% of the contract value to 5%, and the daily maximum price fluctuation limit of the standard contract is adjusted from 5% to 4%; The initial values of position gradient margin and time gradient margin of lead futures contracts in the Administrative Measures for Risk Control of Shanghai Futures Exchange are adjusted accordingly. However, the trading margin and the daily maximum price fluctuation limit in the actual trading settlement have not been adjusted, and they are still 8% and 5%.

Third, the amount of the lead futures contract limit system in the Measures for the Administration of Risk Control of Shanghai Futures Exchange should be adjusted by the corresponding multiplier, and at the same time, the whole multiple adjustment of positions near the delivery month should be increased (simply multiplied by 5).

Fourth, the announcement standard of lead futures contract positions should be adjusted according to the corresponding multiplier. When the positions of a lead futures contract reach 30,000 lots, the Exchange will announce the total turnover and positions of futures company members in the active month of the futures contract, the total turnover and positions of non-futures company members in the active month of the futures contract, and the ranking of the turnover and positions of the top 20 futures company members in the active month of the futures contract.

Fifthly, for lead ingots with white rust on the surface, the discount value of warehouse receipt quality is adjusted from 120 yuan/ton to 50 yuan/ton, and implemented from 20 13 12 18.

The above answers are given by: Liu Shi.