There are many physical objects, such as commodity futures, soybeans, wheat, cotton, metal futures, gold financial futures, interest rates and foreign exchange stock index futures. See below for details.

What is futures?

The future in English is the future, which evolved from the word "future". It means that both parties to the transaction don't have to deliver the physical object at the initial stage of buying and selling, but agree to deliver the physical object at some time in the future, so China people call it "futures".

What is gold futures?

Gold futures are futures. Just as stock investment needs to open an account in a securities company, gold futures trading needs to be futures account in a futures company.

What is stock index futures?

The full name of stock index futures is stock price index futures, which can also be called stock index futures and futures index. It refers to the standardized futures contract with the stock index as the subject matter. The two sides agreed that on a specific date in the future, they can buy and sell the underlying index according to the size of the stock index determined in advance. As a type of futures trading, stock index futures trading has basically the same characteristics and processes as ordinary commodity futures trading.

What is metal futures?

There are 10 kinds of non-ferrous metals listed and traded in the international futures market, namely copper, aluminum, lead, zinc, tin, nickel, palladium, platinum, gold and silver. Among them, gold, silver, platinum, palladium and other futures are also called precious metal futures because of their high value.

What is agricultural futures?

Agricultural futures: Agricultural products are the earliest commodities that constitute futures trading. include

1, grain futures, mainly wheat futures, corn futures, soybean futures, soybean meal futures, red bean futures, rice futures, peanut futures and so on;

2 cash crop futures, including raw sugar, coffee, cocoa, orange juice, palm oil and rapeseed futures;

3. Livestock products futures, mainly including meat products and fur products;

4. Forest products futures, mainly timber futures and natural rubber futures.

What is chemical futures?

Chemical futures are speculation on chemical products, such as crude oil, fuel oil and toluene.

What is gold investment?

Gold investment is the investment project with the lightest tax burden in the world. In contrast, many other investment products have some tax items that investors easily ignore. Especially the inheritance tax, when you want to transfer your property to the next generation, the best way is to turn your property into gold, and then your next generation will turn gold into other property, thus completely avoiding the high inheritance tax.

What is futures software?

Futures trading platform can also be said to be a tool for trading futures.

What is a futures company?

A futures brokerage company refers to a company established in accordance with national laws, regulations and rules, entrusted by customers, trading futures in its own name and collecting commissions.

What is Shanghai Copper Futures?

The so-called Shanghai copper futures, collectively referred to as copper futures contracts in China and Shanghai, refers to a standardized contract formulated by the Shanghai Futures Exchange, which stipulates that a certain amount of copper will be delivered at a specific time and place in the future. This underlying copper, also known as copper-based assets, is the spot copper corresponding to futures contracts.

What is Shanghai Aluminum Futures?

The so-called Shanghai aluminum futures, generally referred to as aluminum futures contract in China and Shanghai, refers to the standardized contract formulated by Shanghai Futures Exchange, which stipulates that a certain amount of target aluminum will be delivered at a specific time and place in the future. This basic aluminum, also known as aluminum-based assets, is the spot aluminum corresponding to futures contracts.

What is Shanghai Zinc Futures?

The so-called Shanghai zinc futures, generally referred to as zinc futures contract in China and Shanghai, refers to a standardized contract made by the Shanghai Futures Exchange, which promises to deliver a certain amount of target zinc at a specific time and place in the future. This basic zinc, also known as zinc-based assets, is the spot zinc corresponding to futures contracts.

What is rubber futures?

Natural rubber can be divided into solid natural rubber (film and particle rubber) and concentrated latex according to its morphology. In daily use, solid natural rubber accounts for the vast majority.

The contract delivery grades of natural rubber in Shanghai Futures Exchange are domestic first-class standard rubber SCR5 and imported tobacco flake rubber RSS3, among which domestic first-class standard rubber SCR5 is also commonly known as No.5 standard rubber, and all quality indexes of Natural Rubber GB/T808 1~ 1999 issued and implemented by the State Bureau of Technical Supervision are implemented. Imported cigarette rubber RSS3 implements the International Standard for Grade Quality and Packaging of Natural Rubber (Green Paper) determined by the International Rubber Quality and Packaging Conference (version 1979).

What is fuel futures?

What is soybean futures?

Soybean is an annual leguminous herb, also known as soybean. China is the origin of soybean, which has been planted for more than 4700 years. The history of soybean cultivation in Europe and America is very short, and/kloc-0 was introduced from China in the late 9th century. In 1930s, soybean was planted all over the world.

According to the color and grain shape of seed coat, soybeans can be divided into five categories: yellow soybeans, green soybeans, black soybeans, other colored soybeans and feed beans. Soybean seed coat is yellow, umbilical color is yellowish brown, light brown, dark brown, black or other colors, and the grain shape is generally round, oval or oblate. The subject matter of soybean futures contract in Dalian Commodity Exchange is soybean.

What is corn futures?

Corn and soybean meal are important feed raw materials. The proportion of corn in compound feed can reach about 60%, and its price fluctuation has a great influence on feed enterprises.

The United States is the world's largest producer, consumer and trader of corn. The American corn futures market, represented by CBOT (Chicago Board of Trade), is effectively connected with the spot market, and its corn futures price has become the "wind vane" of the world corn market price. The market has a considerable market scale, and its economic functions such as liquidity, price discovery and risk transfer are also relatively perfect. Its experience in designing and modifying corn futures contracts and trading delivery rules has become the * * * of the world futures market.

What is soybean meal futures?

Soybean meal is a by-product of soybean oil extraction. According to the different extraction methods, it can be divided into two kinds: one-soaking soybean meal and two-soaking soybean meal. Among them, the by-product after extracting soybean oil by extraction method is one-dip soybean meal, and the by-product after extracting oil by pressing is called two-dip soybean meal. Temperature control is very important in the whole processing process. Excessive temperature will affect the content of protein, so it is directly related to the quality and use of soybean meal. Low temperature will increase the moisture content of soybean meal, while high moisture content will affect the quality of soybean meal during storage. One-dip soybean meal has advanced production technology and high protein content, which is the main variety circulating in the domestic spot market at present.

According to national standards, soybean meal is divided into three grades, namely, primary soybean meal, secondary soybean meal and tertiary soybean meal. Judging from the current domestic soybean meal spot market, the total domestic soybean meal processing (excluding imported soybean meal) in100000 tons in 1999, of which the first-class soybean meal accounts for about 20%, the second-class soybean meal accounts for about 75% and the third-class soybean meal accounts for about 5%. The circulation change of tertiary soybean meal is mainly related to the quality of soybean. Judging from the market demand of different grades of soybean meal, a few powerful large feed mills in China use first-class soybean meal, and most feed mills mainly use second-class soybean meal (protein content is 43%). Secondary soybean meal is still the mainstream product in the domestic soybean meal consumption market, and tertiary soybean meal is rarely used.

What is soybean oil futures?

Soybean oil is the general name of oil products processed from soybean. Soybean oil can be divided into crude soybean oil and finished soybean oil according to its processing degree. In China, crude soybean oil (also known as crude oil) is mainly an intermediate product of factories. At present, all soybean oil imported from China is crude soybean oil. Because soybean crude oil has the advantages of large trade volume, uniform quality, easy storage and integration with international spot and futures markets, it is a more suitable variety for futures trading.

The quality standard of soybean oil futures delivery is based on the national standard of soybean oil in China, and the project setting and value selection are basically the same. At the same time, some indicators and values that do not meet the development of the spot market have been fine-tuned. For example, the phosphorus content index which is not in the national standard but is widely used by spot enterprises is increased, the phosphorus content is designed to be ≤200mg/kg, and the acid value is adjusted from ≤4.0mg KOH/g in the national standard to ≤ 3.0 mg KOH/g, so that the domestic soybean crude oil can basically meet the delivery standard; Imported soybean oil may have solvent residue and other indicators that do not meet the standards. However, the imported soybean oil can meet the quality standard of futures delivery after simple processing. At the same time, in order to simplify the contract, soybean oil futures have no grade premium.

What is palm futures?

Palm oil futures is the first pure imported product listed in China futures market, which indicates that the products listed in China futures market are becoming more and more open and international. Palm oil, soybean oil and rapeseed oil are the three main vegetable oils in the domestic consumer market at present. After the palm oil futures were listed in Dashang yesterday, it formed a perfect domestic oil futures market with soybean oil futures listed in Dashang last year and rapeseed oil futures listed in Zhengshang on June 8 this year. There are many factors that affect the futures price of palm oil, such as large price fluctuation, frequent intraday fluctuation and moderate transaction cost. The special position of the leading variety in the international oil market contains many investment and arbitrage opportunities, which is beneficial to investors to enrich their investment portfolio and is an excellent investment variety.

What is polyethylene futures?

What is hard wheat futures?

What is strong wheat futures?

What is sugar futures?

White sugar, also known as white sugar, can be divided into sulfide sugar and carbonized sugar according to different sugar making processes. Carbonated sugar has long shelf life, good quality and relatively expensive price. At present, most sugar factories in China produce sulfide sugar. Sugar is almost composed of sucrose, and the sucrose content of sugar is generally above 95%. Therefore, all plants with high sucrose content can be used as raw materials for sugar production. At present, the main raw materials of sugar in the world are sugarcane and beet.

What is cotton futures?

What is pure terephthalic acid futures?

Chemical names PTA, PTA and MEG (ethylene glycol) synthesize and produce PET (polyethylene terephthalate), commonly known as polyester, and mineral water bottles are all made of PET. PTA can also be used to produce polyester fiber, commonly known as polyester, which is used in textiles.

65438+February 18, the world's first PTA futures listed on Zhengzhou Commodity Exchange.

What is PTA futures?

PTA is mainly used to produce polyethylene terephthalate (PET), polypropylene terephthalate (PTT) and polybutylene terephthalate (PBT). And PET is the main raw material of synthetic fiber polyester. At present, the polyester fiber produced from polyester in China has exceeded 80% of the total synthetic fiber output.

What is l futures?

What is rapeseed oil futures?

Futures varieties based on rapeseed oil. It is another futures product just launched in China.

China is the largest producer and consumer of rapeseed oil in the world, with an annual output of 4 million tons to 4.7 million tons, an output value of more than 25 billion yuan and an annual consumption of 4.3 million tons to 4.8 million tons. The concentration of rapeseed oil processing areas and consumption areas in China is conducive to investors' timely and accurate search for supply and demand information and correct price forecast, as well as to the positioning of futures delivery areas and the supervision and management of futures delivery business by exchanges.

Introduction to futures trading

1. The concept of futures contract:

Futures contract is a standardized contract designed by the exchange and approved by the national regulatory agency. Futures contracts can be settled by spot or matching.

Urging transactions to fulfill or terminate contractual obligations.

2. Contract elements:

A. Various transactions

B. Number and unit of transactions

C the lowest change price, and the quotation must be an integer multiple of the lowest change price.

D. The maximum daily price fluctuation limit, that is, price limit, serves as a brake for market price fluctuation. The market price will not rise suddenly.

Because of "hysteria", futures traders will have plenty of time to re-evaluate their market position.

When the market price rises to the maximum increase, we call it "daily limit" and vice versa. When the market price goes up and down.

At that time, market transactions were not closed, but the market was prohibited from trading at prices beyond the price limit. If the trader

Willing to acquire future positions in reverse, that is, some people are willing to sell at the daily limit and some people are willing to buy at the daily limit. Under this daily limit,

The trade will happen again. Of course, the price of the day may also fall from the daily limit to the daily limit, or it may rise from the daily limit to the daily limit.

E. Contract month

F. Transaction time

G. Last trading day

H. delivery time

I. Delivery standards and levels

J. place of delivery

K. security deposit

Length transaction cost

3. The characteristics of futures contracts:

A. The commodity variety, quantity, quality, grade, delivery time and delivery place of a futures contract are established and standardized, and the only variable is the price. The first standardized futures contract was introduced by CBOT in 1865.

B. Futures contracts are concluded under the organization of the futures exchange and have legal effect, and prices are generated through public bidding in the trading hall of the exchange; Most foreign countries adopt public bidding, while our country adopts computer trading.

C the performance of futures contracts is guaranteed by the exchange, and private transactions are not allowed.

Futures contracts can fulfill their obligations by hedging.

4. The role of futures contracts:

One is to attract hedgers to use the futures market to buy and sell contracts, lock in costs and avoid the possible losses caused by the risk of commodity price fluctuations in the spot market.

The second is to attract speculators to conduct venture capital transactions and increase market liquidity.

What is futures delivery?

There are generally two ways to close positions in commodity futures trading (namely, closing positions). One is hedging liquidation; The second is physical delivery. Physical delivery is to fulfill the responsibility of futures trading through physical delivery. Therefore, futures delivery refers to the behavior of buyers and sellers of futures trading to make physical delivery of their respective expired open contracts in accordance with the provisions of the exchange when the contracts expire and end their futures trading. Although physical delivery accounts for a small proportion in the whole futures contract, it is physical delivery and this potential that make the changes of futures prices synchronized with the changes of related spot prices, and gradually approach with the approach of contract expiration date. As far as its nature is concerned, physical delivery is a kind of spot trading behavior, but physical delivery in futures trading is the continuation of futures trading, which is at the junction of futures market and spot market and is the bridge and link between futures market and spot market. Therefore, the physical delivery in futures trading is the basis of the existence of the futures market and the fundamental premise for the two major economic functions of the futures market to play.

How to hedge profits?

1. Definition of hedging profit

Hedging profit refers to the trading behavior that futures market participants use the price difference between different months, different markets and different commodities to buy and sell two different types of futures contracts at the same time to obtain risk profits from them. It is a special way of futures speculation, which enriches and develops the content of futures speculation, making futures speculation not only limited to the horizontal change of the absolute price of futures contracts, but also turned to the horizontal change of the relative price of futures contracts. Usually called arbitrage, etc.

2. Types of hedged profits

(1) Inter-period arbitrage: Inter-period arbitrage is one of the most commonly used hedging profit transactions, which is divided into bull spread, bear market arbitrage and butterfly arbitrage in practice.

(2) Cross-market arbitrage;

(3) Cross-commodity arbitrage;

Raw materials-commodity arbitrage.

How to understand the definitions of "investment" and "speculation"?

Benjamin? A remarkable feature of Graham's theoretical system of securities analysis is that through the historical investigation and profound analysis of some important economic categories in the securities field, he tries to clarify all kinds of confusing appearances, reveal the essence that has not been really recognized by people, and promote securities investors to establish scientific, rational, safe and effective securities investment concepts. Based on the extensive influence and prominent role of "investment" and "speculation" in the securities market, it is an important task for Graham to make a comprehensive and in-depth investigation and give an accurate definition.

In the 1930s when Graham lived, there were often different views on the definitions of "investment" and "speculation" in the capital market. From different angles, people have different or even quite different understandings of their concepts, relationships, functions and even differences. For those who agree that the two are different and belong to two different important economic concepts, the difference between investment and speculation can be divided from the characteristics of securities trading objects, payment methods, the length of time of holding stocks, whether it is safe income or expected risk income. However, investment and speculation are so closely combined in concept and practice that it is difficult to distinguish them, so that many brain-dead market participants simply come to the conclusion that "investment is successful speculation and speculation is unsuccessful investment", and combine them into one, treating them as just two different manifestations or statements of the same behavior. Graham disagrees with the above superficial understanding. Through a lot of market analysis and theoretical research, he formed his own unique point of view. He thinks that the concept of equating investment with speculation is inappropriate, because holders only define them from the final result of their activities, rather than defining them after comprehensively analyzing their basic characteristics. He clearly pointed out that "investment" and "speculation" are two completely different economic categories, and there are significant and essential differences between them. This difference is not fully reflected in the appearance of whether the object of purchase is bonds or stocks, whether the purchase method is cash transaction or margin trading, whether the time of holding stocks is long-term or short-term, and whether the purpose of investment is to achieve safe income or risk income.

The reason for this is that it is difficult to determine the above standard itself, and it is always in a state of change or unpredictability. Therefore, the above differences do not touch the essential characteristics of the two and cannot be used as the basis for accurate definition. For example, people once stubbornly believed that bonds were extremely safe investment targets, while stocks contained huge risks. So buying bonds is investment, and buying stocks should be speculation. In fact, not all bonds are investment targets. If a bond has no safe intrinsic value, buying it is undoubtedly equivalent to thorough speculation, and it is very dangerous speculation; And if it is a safe stock, its operation is an investment, which has a safe and effective return. For another example, buying stocks in full in cash is not an investment, because most of the most speculative stocks require buying them in full in cash, and so on. In short, "buying stocks can be investment, trading with margin can be investment, and operations aimed at making quick profits can also be investment". So, what are the exact definitions of "investment" and "speculation"? In Graham's view, the exact definition of investment should include three interrelated and inseparable important factors. First of all, investment must be based on "detailed analysis". The so-called detailed analysis refers to the research work on the investment object through the established safety and value standards. Secondly, investment should be guaranteed by "safety". Of course, investment in the securities market is always full of risks, and it is never absolutely safe. However, after detailed analysis, the selected investment object should have the "intrinsic value" of investment and a relatively safe value space, which is to ensure that it will not have great risks under normal and possible circumstances, and it is also a safe embodiment that it can avoid unexpected losses. Third, the result of investment must be able to obtain a "satisfactory return". This kind of return that satisfies rational investors has a broader meaning, that is, it includes not only interest and dividends, but also capital appreciation and profits. From this, Graham's definition is: "Investment refers to the operation with safe principal and satisfactory return after detailed analysis". On the contrary, what is inconsistent with it is speculation. "Investment" and "speculation" are the basic activities of the securities market, and the most basic difference or core between them lies in whether they can obtain safe returns. Graham has a different definition of investment. He stressed that the security guarantee emphasized by "investment" cannot be based on false information, unfounded assumptions, the spread of internal rumors or even full gambling in the market. The security of "investment" must depend on whether the investment object has real intrinsic value or room for value change, and to accurately grasp this key point or achieve "marginal security", only by using objective standards can we make a detailed analysis of the information we can grasp. Graham believes that one of the important reasons for reflecting on the overheating and subsequent collapse of the American stock market before 1929 is that investors can't correctly distinguish the concepts of investment and speculation, confuse these two completely different concepts, and lack rational guidance in investment operation, which not only leads to huge losses for investors, but also contributes to the overall collapse of the market. Therefore, it is very important for investors to learn from the lessons of history and truly understand the essential difference between investment and speculation, so as to establish a scientific, rational, safe and effective investment concept.

How to avoid the mistakes made by novices?

Practice makes perfect. However, it's a pity that we don't have many opportunities to practice.

For adults, life-long financial management may take 60 to 70 years. It sounds like a long time. In fact, we do have enough opportunities to master the things we often do, such as paying bills and balancing expenses.

However, on many important financial decision-making issues, we have little or no chance to improve our level. I'm afraid this situation is usually reflected in the income of your financial management.

Only once in a lifetime.

Take the question of when to apply for a pension from the Federal Social Security Bureau as an example. According to the statistics of American Social Security Administration, social security fund is the most important source of daily expenses for the elderly aged 65 and above, accounting for 39% of their total income.

Do you think you can live to be 82 years old or above? In that case, you'd better wait until you are 65 or 66 to get a pension, so that you can get more money every month. But in fact, many old people themselves have not thought clearly about this problem. They have been receiving pensions since they were 62 years old, and as a result, they will receive less money every month.

It may not be surprising that people make mistakes on this issue. After all, we have no experience. On the contrary, we only make this decision once in our life, and it is usually based on hearsay and instinctive reaction.

The pension of social security agencies is the most important source of income after retirement, and our housing is usually our biggest property. Unfortunately, like pensions, most of us have no experience in real estate. We may buy a house four or five times in our life. Therefore, we lack rich experience in evaluating real estate, choosing suitable mortgage loans and dealing with real estate agents and house inspectors. In this way, mistakes are inevitable.

Never look back on previous decisions.

Lack of experience is also common in other important investment decisions, such as how much should the employer invest in the 40 1(k) or 403(b) plan? What is the ratio of stocks to bonds in your portfolio? When did you start withdrawing your retirement savings? Wait a minute.

Of course, we can constantly revise our decisions, but in reality, we usually let ourselves go after making a decision. For example, after determining the investment proportion of the 40 1(k) plan and choosing the * * * mutual fund to buy, employees will hardly re-examine these decisions, so they will never learn from their mistakes and become more experienced investors.

Julie. Julie agnew is a professor of finance at William and Mary College in Williamsburg, Virginia. She said that in a large investment plan she visited, 65% of the participants did not engage in any transactions during the four years of her research. This is a clear sign of inertia.

When choosing a fund manager, the issue of experience is also worth considering. I am always skeptical of fund managers who claim to be able to outperform the average return of the stock market.

When they claim this on the basis of one or two investment decisions, my doubts are even greater. For example, a market speculator can sell stocks before the stock market falls and then buy them at the bottom of the market, thus making a lot of money. But it's really luck to make a fortune just by two decisions. On the contrary, if a fund manager obtains a high long-term return through stock selection, then my doubt is not so great. Why? Because in order to get higher fund returns, fund managers may have to choose hundreds of profitable stocks, which shows that investment skills are still playing a role.

The consultant "ignored"

In view of our lack of financial expertise, it seems wise to hire a broker or financial adviser. However, due to our lack of professional knowledge, we will encounter some troubles.

Do we really know how to find a good financial adviser? This is also the inexperience of most people. If a person really has some experience, it means that he "suffered a loss" before "gaining a kind of wisdom". Besides, when we use consultants, we are at an obvious disadvantage. Brokers or financial advisers should know more about personal finance than we do, but the question is, it also makes it very difficult to measure suggestions, such as whether we get reasonable advice? Or is the consultant recommending an investment that can give him a good return? Wait a minute.

Finally, even if you find a good financial adviser, you can't get much help on some really critical issues, such as when to apply for social security pension. How to deal with the next house sale? In fact, for most Americans, these are very important questions. But because there is no direct financial risk on Wall Street, we can't see many good research reports in this field. Become smarter.

Experience is the best teacher. Therefore, people over 50 are usually smart investors. They have a deeper understanding of risk tolerance and market history, which makes them stick to the right investment more firmly and avoid the trap of wrong investment more wisely.

Of course, by then, they will have little time to use their wisdom. How can we make the wisdom of that era come ahead of time? Try to improve your knowledge by chatting with family, friends and colleagues.

However, don't ask about their successful experience. People usually brag about their clever decisions, but after careful consideration, you will often find that they are just mediocre opinions. Instead, you should ask them what mistakes they made. If someone is willing to admit that he made a mistake, then the mistake is likely to become a valuable experience. There is no doubt that I also think extensive reading will help. I am often asked to recommend some books. Although I have written several books myself, I don't think sitting down and trying to digest 60 thousand words is the best way to get an education.

When you are free, you might as well look at the business pages of personal finance magazines, investment newsletters, financial websites and local newspapers. At least half of what you see may be rubbish, but if you persevere, you will eventually become a knowledgeable investor. You will learn from other people's lessons and make progress without paying a high price for yourself.