Settlement price = transaction price of each transaction price * turnover of this price/total turnover.
Financial futures and stock index futures have not been launched in China, and the following methods are adopted.
The settlement price of the day adopts the weighted average price of the last hour of the futures contract. The reason is to prevent possible market manipulation and avoid the daily settlement price from deviating too much from the futures closing price and the spot opening price the next day.
If there is no transaction in the last hour, the average price of the transaction price in the previous hour weighted by the volume shall be taken as the settlement price of the day. If there is still no deal during this period, push it forward for another hour. And so on. If the trading time of the day is less than one hour, the weighted average price of the whole time period shall be taken as the settlement price of the day.
If there is no transaction price on that day, the settlement price of the contract on that day is: contract settlement price = settlement price on the previous trading day of the contract+settlement price on the previous trading day of the benchmark contract-settlement price on the previous trading day of the benchmark contract, where the benchmark contract is the contract with the closest delivery month on that day.
If the contract is a new listed contract and there is no transaction on the first day of listing, the calculation formula of the settlement price on that day is: the settlement price of the contract = the benchmark price of the contract+the settlement price of the benchmark contract on that day-the settlement price of the benchmark contract on the previous trading day. If the settlement price of the day cannot be determined by the above method or the calculated settlement price is obviously unreasonable, the ownership of Admiralty determines the settlement price of the day.