(1) Different topics

Stock index futures take the subject matter as the specific stock price index, rather than the real subject matter assets; The object of commodity futures trading is goods with physical form.

(2) Different delivery methods

Stock index futures are delivered in cash, and positions are settled in cash by clearing the difference on the delivery date; On the other hand, commodity futures are delivered in kind, and are liquidated by the transfer of ownership in kind on the delivery date.

(3) The standardization degree of contract expiration date is different.

The maturity date of stock index futures contracts is standardized, generally in March, June, September, 65438+February, etc. The maturity date of commodity futures contracts varies according to the characteristics of commodities.

(4) Different holding costs

The holding cost of stock index futures is mainly financing cost, and there is no physical storage cost. The stock you hold sometimes pays dividends. If the dividend exceeds the financing cost, there will be holding income. The holding cost of commodity futures includes storage cost, transportation cost and financing cost. The holding cost of stock index futures is lower than that of commodity futures.

(5) Different speculative performances.

Stock index futures are more sensitive to external factors than commodity futures, and the price fluctuates more frequently and violently, so stock index futures are more speculative than commodity futures.