Asphalt futures can be used as a substitute for crude oil. Because the control of crude oil has been strengthened now, and because asphalt is a residue left after petroleum refining, it is mostly used for paving roads or building. Many exchanges introduce asphalt futures products to replace crude oil, so asphalt futures are equivalent to the shadow of crude oil. Asphalt is a non-renewable resource. No country needs crude oil, so the value of asphalt is very important. Secondly, the handling fee of asphalt futures is lower than that of spot crude oil.

With the rebound of crude oil from the bottom, asphalt futures, which were originally inactive, have recently exploded in popularity. The violent fluctuation of crude oil has promoted the activity of asphalt futures with similar blood. The absence of domestic crude oil futures temporarily bears part of its investment and hedging needs.

I. Asphalt

1, asphalt properties

It is a dark brown complex mixture composed of hydrocarbons with different molecular weights and their nonmetallic derivatives. It is an organic liquid with high viscosity, mostly in the form of liquid or semi-solid petroleum, with a black surface and soluble in carbon disulfide and carbon tetrachloride. Asphalt is a waterproof, moisture-proof and anticorrosive organic cementing material.

2. Composition of asphalt

There are three main types: coal tar pitch, petroleum pitch and natural pitch. Among them, coal tar pitch is a by-product of coking. Petroleum asphalt is the residue after crude oil distillation. Natural asphalt is stored underground, and some of it forms ore beds or accumulates on the surface of the earth's crust. Asphalt is mainly used in paint, plastic, rubber and other industries, and also used for paving roads.

3. Application fields of asphalt

In civil engineering, asphalt is a widely used waterproof material and anticorrosive material. Mainly used for waterproofing of roofs, floors and underground structures, and anticorrosion of wood and steel. Asphalt is also a widely used pavement structure cementing material in road engineering. After being matched with mineral materials with different components in proportion, it can be used to build asphalt pavements with different structures and is widely used in expressways.

Second, crude oil.

1, properties of crude oil

Traditionally, crude oil is called crude oil. Dark brown viscous oily liquid with green fluorescence and special smell. It is a mixture of alkanes, cycloalkanes, aromatic hydrocarbons and olefins.

2. Composition of crude oil

The main components are carbon and hydrogen, accounting for 83 ~ 87% and 1 1 ~ 14% respectively. There are also a small amount of sulfur, oxygen, nitrogen and trace elements such as phosphorus, arsenic, potassium, sodium, calcium, magnesium, nickel, iron and vanadium. Specific gravity 0.78 ~ 0.97, molecular weight 280 ~ 300, freezing point -50 ~ 24℃.

3. Application fields of crude oil

Crude oil can be refined to obtain various products, such as fuel oil, solvent oil, lubricating oil, grease, paraffin, asphalt, liquefied gas, aromatic hydrocarbons and so on. , and provide fuel, raw materials and chemical products for all sectors of the national economy.

Extended data

Trading characteristics of futures

1, bidirectional

One of the biggest differences between futures trading and stock market is that futures can be traded in both directions, and futures can be long or short. When the price rises, you can buy low and sell high, and when the price falls, you can sell high and buy low. Going long can make money, and shorting can also make money, so there is no bear market in futures. In a bear market, the stock market will be suppressed, while the futures market will remain unchanged and opportunities will still exist. )

2, the cost is low

Futures trading countries do not levy stamp duty and other taxes, and the only cost is the transaction fee. The procedures of the three domestic exchanges are about two ten thousandths or three ten thousandths, plus the additional fees of brokers, and the unilateral handling fee is less than one thousandth of the transaction amount. Low cost is the guarantee of success.

3. Leverage

Leverage principle is the charm of futures investment. Futures market transactions do not need to pay all the funds, and domestic futures transactions only need to pay 5% margin to obtain future trading rights. Due to the use of margin, the original market has been enlarged ten times. Assuming that the daily limit of copper price closes on a certain day (the daily limit in futures is only 3% of the settlement price of the previous trading day), the operation is correct. The return on capital is as high as 60%(3%÷5%), which is six times the daily limit of the stock market. (You can make money only if you have the opportunity)

Step 4 double the chance

Futures is a "T+0" transaction, which makes your capital use to the extreme. After grasping the trend, you can close your position at any time. (Convenient access can increase the security of investment)

5, greater than the negative market

Futures is a zero-sum market, and the futures market itself does not create profits. In a certain period of time, regardless of the transaction costs of capital entry and exit, the total amount of funds in the futures market remains unchanged, and the profits of market participants come from the losses of another trader. The stock market has entered a bear market, the market price has shrunk dramatically, the dividends are meager, the state and enterprises absorb funds, and there is no short-selling mechanism. The total amount of funds in the stock market will show negative growth for a period of time, and the total profit is less than the loss.

The comprehensive policy of the country, the needs of economic development and the characteristics of futures all determine that futures have huge development space. The full name of stock index futures is stock index futures, which can also be called stock index futures and futures index. Refers to the standardized futures contract with the stock price index as the target.

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