The minimum change price refers to the minimum change value of the unit quotation of the contract target in the open bidding process of the futures exchange. The minimum change price multiplied by the trading unit is the minimum change value of the contract price. For example, the minimum change price of soybean meal futures contract in Dalian Commodity Exchange is 1 yuan/ton, that is, the minimum change value of each contract is 1 yuan/ton × 10 ton = 10 yuan.
In futures trading, each quotation must be an integer multiple of the minimum change price stipulated in its contract. The determination of the lowest fluctuation price of futures contracts usually depends on the type, nature, market price fluctuation and commercial norms of the underlying commodities.
Extended information In futures trading, each quotation must be an integer multiple of the minimum change price stipulated in the contract.
The metal copper futures contract price of an exchange is 53,900 yuan/ton, and the minimum price change is 10 yuan/ton. Then the smallest possible change in the quotation can only be 53890 or 539 10, but not 53905 or 5390 1 (both in RMB/ton). Since the metal copper futures contract is 5 tons per lot, the minimum change value of the contract is 10 yuan/ton *5 tons =50 yuan.
The minimum variable price has a close influence on market transactions. Generally speaking, a smaller minimum change price is conducive to the increase of market liquidity.
If the minimum change price is too large, it will reduce the trading volume and affect the market activity, which is not conducive to the normal operation of arbitrage and hedging; If it is too small, it will complicate the transaction, increase the transaction cost and affect the data transmission speed. ?
Baidu encyclopedia-minimum fluctuation range