Open an account in a futures company in the name of the company, deposit an appropriate margin, sell an appropriate amount of PVC in the futures market according to the quantity of PVC produced by your company and the approximate sales time in the future, and close the position or enter the market for delivery before delivery to realize hedging.

Take copper as an example for analysis.

At the end of the case 1998, many analysis reports predicted that the domestic copper market was generally in a situation of oversupply, and the annual average price of domestic copper was 18000 yuan/ton. In March 1999, the domestic copper price fell to 14300 yuan/ton. After three months of shock, it rose sharply from June and rose to 18000 yuan/ton again in September. Faced with this situation, the management of a copper company has two different opinions. Some people think that this is a satisfactory price and the company should start to maintain its value on a large scale. Another view is that copper prices still have a lot of room to rise and should be carefully preserved. After listening to opinions from all sides, the company's futures leading group decided to maintain a large value of 18300 yuan, with a total value of about 30,000-50,000 tons. 65438+At the beginning of February, after the domestic copper price rose to 18300 yuan, copper companies began to maintain a large amount of value, throwing out 3000 to 5000 tons each step. In the last ten days of 2000 1 month, with the continuous price increase, the company continued to sell and preserve its value according to the established plan, but at this time its position was close to 30,000 tons. At that time, the company needed an additional deposit of150,000 yuan every day. Because the company holds more positions below RMB 6,543,800+0.9 million, although the month and quantity of the order did not violate the "plan for the purpose of maintaining value", the price and timing of maintaining value were earlier, which increased the difficulty of the deposit. By 1 25th, the company's position occupation margin reached 654.38 billion yuan. The financial department of the company informed the agent futures brokerage company that if the price rises again the next day, it will have to reduce its position because it is impossible to add margin. Fortunately, after the copper price rose to 19450 yuan, it began to turn around and fall. By mid-April, it had fallen to 1.73 million yuan. After analysis, the company still has the possibility of rising, so it closed all hedging positions in time and made a profit of 96 million yuan.

Analysis of the above cases, the copper company successfully used hedging transactions to effectively avoid market risks and lock in profits, from which we can draw the following enlightenment:

First, the hedger must accurately analyze and predict the market, study and judge the trend of futures prices, and set a reasonable hedging target, which is the premise of hedging. The choice of hedging target should be consistent with the market as far as possible. If the above-mentioned copper enterprises set the hedging target above 65,438+08,000 yuan/ton when the average annual market price of copper is 65,438+09,000 yuan/ton, they may not be able to hedge because the market cannot reach this price. Therefore, when selling hedging, when the market is in a bear market and the price is above the hedging target, you can sell it all and lock in profits; When the market is in a bull market, it is advisable to partially hedge, so as to avoid market risks and reduce the chance of losing due profits.

Second, the enterprise must realize that once the hedging position is established, it will avoid the adverse impact of the future spot price on it, and at the same time it will lose the opportunity that the future spot price will be beneficial to it. Therefore, enterprises must reasonably choose the opportunity to enter the market and the hedging method. If you are worried about rising prices, you plan to consider buying hedging; If we are worried about falling prices, we plan to consider hedging by selling them. If we don't worry, that is, the market price is in equilibrium, then we don't need to enter the market to do hedging transactions.

Third, in the actual hedging operation, we should carefully plan and act cautiously, and work out specific hedging schemes including the amount of hedging, average price, operation strategy, stop loss point, capital utilization and risk control. In addition, it is best for enterprises to set up a hedging department to operate, and the enterprise leaders directly command and monitor the hedging business.

Fourth, it is very important to choose the right hedging opportunity for hedging success. For enterprises selling hedging, it is necessary to capture the peak price. Only when the hedger thinks that the price can be gradually shorted can he start selling hedging, so as to choose the ideal price and avoid the risk of a large amount of additional margin. Due to the premature hedging opportunity, the above-mentioned enterprises occupied a large amount of margin, which caused the company to fall into financial difficulties. If it weren't for the sharp decline of the market, the consequences would be unimaginable if enterprises were rescued from the quagmire.