2. Dalian Commodity Exchange/trading varieties: soybean, corn, soybean meal, soybean oil, palm oil and polyethylene.
3. Zhengzhou Commodity Exchange/trading varieties: PTA, vegetable oil, strong wheat, sugar and cotton.
4. China Gold Exchange/trading variety: stock index futures (preparatory stage)
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The whole process of futures trading can be summarized as opening positions, holding positions, closing positions or physical delivery.
Opening a position means that a trader newly buys or sells a certain number of futures contracts. For example, you can sell 10 soybean futures contracts. When this transaction is your first transaction, it is called opening a position. In the futures market, buying and selling a futures contract is equivalent to signing a forward delivery contract. An open contract after opening a position is called an open contract or an open contract, also known as a position. When opening a position, the position held after buying a futures contract is called a long position, referred to as a long position; The positions held after selling futures contracts are called short positions, referred to as short positions.
If the trader keeps the futures contract until the end of the last trading day, he must settle the futures transaction through physical delivery. However, only a few people make physical delivery. About 99% market participants choose to sell the futures contracts they bought or buy back the futures contracts they sold before the end of the last trading day, that is, hedge the original futures contracts through the same number of futures transactions in opposite directions, so as to settle the futures transactions and relieve the obligation of physical delivery at maturity. For example, if you sell 65,438+00 lots of soybean contracts in May 2009, you should buy 65,438+00 lots of the same contract to hedge your position before the contract expires in May 2009. In this way, a transaction process is over as soon as it is even. It's just like financial accounting. Once the same amount of money goes in and out, the account will be balanced. This behavior of buying back a sold contract or selling a bought contract is called liquidation. After opening the position, traders can choose two ways to close the futures contract: either choose the opportunity to close the position or reserve it for physical delivery on the last trading day.