Commodity futures refer to futures contracts with physical goods as the subject matter. Commodity futures have a long history and a wide variety, mainly including agricultural futures, metal futures and energy futures. 1. Agricultural futures. After the birth of 1848 Chicago Board of Trade (CBOT) and the introduction of 1865 standardized contract, with the expansion of spot production and circulation, new futures varieties appear continuously. In addition to wheat, corn, soybeans and other grain futures, from the end of 19 to the beginning of the 20th century, with the emergence of new exchanges in Chicago, new york, Kansas and other places, cash crops such as cotton, coffee, cocoa, butter, eggs, and later livestock and poultry products such as pigs, live cattle, pork breast meat, and forest products such as wood and natural rubber were also listed one after another. 2. Metal futures. The earliest metal futures trading was born in Britain. The London Metal Exchange (LME) was established in 1876, which pioneered the trading of metal futures. At that time, the name was London Metal Trading Company, which was mainly engaged in futures trading of copper and tin. 1899, the London metal exchange introduced the practice of trading twice a day in the morning and afternoon to copper and tin trading. 1920, lead and zinc were also officially listed and traded on the London metal exchange. Britain was originally a copper exporter before the industrial revolution, but the industrial revolution became its turning point. Because a large amount of copper is imported from abroad as a means of production, it is necessary to transfer the risk brought by copper price fluctuation through futures trading. London Metal Exchange (LME) has been doing brisk business since its establishment, and LME futures prices are still a barometer of the international nonferrous metal market. At present, the main trading varieties are copper, tin, lead, zinc, aluminum, nickel and silver. American metal futures appeared later than Britain. /kloc-from the end of 0/9 to the beginning of the 20th century, the American economy turned from agriculture to the establishment of a modern industrial production system, and the types of futures contracts gradually expanded from traditional agricultural products to metals, precious metals, finished products and processed products. The New York Mercantile Exchange was founded in 1933, which was COMEX by the merger of leather, raw silk, rubber and metal exchanges. The trading varieties are gold, silver, copper and aluminum, among which the gold futures contract launched by 1974 had a great impact on the international futures market in the 1970s and 1980s. 3. Energy futures. The oil crisis in the early 1970s brought a huge impact on the world oil market, and the prices of oil and other energy products fluctuated greatly, which directly led to the emergence of oil and other energy futures. At present, the New York Mercantile Exchange (NYMEX) and London International Petroleum Exchange (IPE) are the most influential energy product exchanges in the world, and the listed products include crude oil, gasoline, heating oil, natural gas and propane.

Commodity futures refer to futures contracts with physical goods as the subject matter. Futures trading and spot trading have something in common, for example, they are both trading methods and real trading, involving the transfer of commodity ownership. There are the following points in different places: (1) The direct target of buying and selling is different. The direct object of spot trading is the commodity itself, including samples, objects and pricing. The direct object of futures trading is futures contracts, not how many contracts to buy or sell. (2) The purpose of the transaction is different. Spot trading is a kind of transaction that pays money in one hand, delivers goods in the other hand, and makes physical delivery and payment settlement immediately or within a certain period of time. The purpose of futures trading is not to obtain physical objects at maturity, but to avoid price risks or make profits through hedging. (3) Different trading methods. Spot transactions are generally one-on-one negotiations to sign a contract, and the specific content is agreed by both parties. If the contract cannot be fulfilled after signing, it will be resorted to law. Futures trading is conducted in an open and fair manner. One-on-one negotiation (or private hedging) is considered illegal. (4) Different trading places. Spot transactions are generally decentralized. For example, grain and oil, daily industrial products and means of production are all managed by some trading companies, manufacturers and consumers in a decentralized manner. Only some fresh and individual agricultural and sideline products are concentrated in the form of wholesale markets. However, futures trading must be conducted in an open and centralized manner in the exchange according to law, and cannot be traded over the counter. (5) The security system is different. Spot trading is protected by contract law and other laws. If the contract is not honored, it will be destroyed by law or arbitration. In addition to national laws, industry and exchange rules, futures trading mainly depends on the margin system to ensure maturity. (six) the scope of goods is different. The varieties of spot trading are all commodities in circulation, while the varieties of futures trading are limited. Mainly agricultural products, petroleum, metal commodities and some primary raw materials and financial products. (7) Different settlement methods. Spot trading is cash on delivery, no matter how long it takes, it is a settlement or several settlements. Due to the implementation of margin system in futures trading, it is necessary to settle profits and losses daily and implement the system of marking the market day by day. The settlement price is calculated according to the transaction price.

Commodity futures refer to futures contracts with physical goods as the subject matter. Commodity futures have a long history and a wide variety, mainly including agricultural and sideline products, metal products and energy products. Specifically, there are about 20 kinds of agricultural and sideline products, including corn, soybeans, wheat, rice, oats, barley, rye, pork belly, pigs, live cattle, calves, soybean flour, soybean oil, cocoa, coffee, cotton, wool, sugar, orange juice, rapeseed oil and so on. Among them, soybean, corn and wheat are called the three major agricultural futures; 9 kinds of metal products, including gold, silver, copper, aluminum, lead, zinc, nickel, palladium and platinum; 5 kinds of chemical products, including crude oil, heating oil, unleaded gasoline, propane and natural rubber; There are two kinds of forest products, including wood and plywood.