2. The opening of the next day was caused by call auction five minutes before the opening. At this time, if the news is dull and the market has not changed, call auction will often take the settlement price of the day as the basis. If the news is dull and the futures price rises strongly at the end of the day, people often feel that the trend is strong. When call auction is in the market, the price will be slightly higher, which will lead to a slightly higher opening price the next day. So theoretically, the average closing price is an important reference index for the opening price of the next day. At the same time, the closing trend has a psychological impact on call auction investors, which can affect the opening price of the next day.
3. The opening price will also be affected by the economic situation, the occurrence of major events, and the decline or skyrocketing of the same or related varieties abroad. In fact, what directly affects the opening price is the psychological status of call auction participants. If they think the price is higher, the opening price will be higher.
1. The futures settlement price refers to the trading margin of the day and the benchmark price for profit and loss settlement of open contracts after the end of the trading day. According to the regulations of Zhengzhou Commodity Futures Exchange in China, Dalian Commodity Futures Exchange and Shanghai Futures Exchange, the settlement price of futures contracts of the day is selected according to the weighted average price of trading volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price. The settlement price is the benchmark price for margin and profit and loss settlement of public trading on the day after the transaction is completed.
2. Futures settlement refers to the process that futures settlement institutions settle the profits and losses of positions held by customers according to the settlement price announced by the exchange. There are two organizational forms of futures settlement. One is a clearing company independent of futures exchanges, such as London Clcaring House, which also carries out futures settlement for three futures exchanges in London. The other is the settlement department set up in the exchange. For example, futures exchanges in Japan, the United States and other countries have their own settlement departments (hereinafter referred to as "settlement institutions"). China adopts the form of exchange with settlement institutions. The main difference between an independent clearing house and a clearing institution in an exchange is that the clearing house is independent of the exchange in terms of performance guarantee, control and settlement risk, while all the internal clearing institutions in the exchange are concentrated in the exchange. Independent clearing houses are generally shared by banks, exchanges and other financial institutions, and the risks are relatively scattered compared with those borne by exchanges alone.