(1) Transaction quantity and unit terms. The futures contract of each commodity stipulates a unified and standardized quantity and unit of quantity, which are collectively called "trading units". For example, Dalian Commodity Exchange stipulates that the trading unit of soybean futures contract is 10 ton. That is to say, when you buy and sell soybean futures contracts on Dalian Commodity Exchange, you should start with 10 ton, which is 1 lot as far as the futures market is concerned, and it is the smallest trading unit. You can't buy 5 tons or sell 8 tons of soybeans in the futures market.
(2) Quality and grade terms. Commodity futures contracts stipulate unified and standardized quality grades, and generally adopt the commodity quality grade standards formulated by the state. For example, the soybean futures delivery standard of Dalian Commodity Exchange adopts the national standard.
(3) Terms of delivery place. Futures contracts specify a standardized and unified delivery warehouse for the physical delivery of futures transactions to ensure the normal delivery of physical objects. Dalian is one of the important grain distribution centers in China, and its warehousing industry is very developed. At present, the designated delivery warehouse of Dalian Commodity Exchange is located in Dalian.
(4) delivery terms. Commodity futures contracts specify the month of physical delivery. When you first started commodity futures trading, the first thing you noticed was that each commodity had several different contracts, and each contract was marked with a certain month, such as the soybean contract in June 2008 165438+ 10, and the soybean contract in May 2008.
(5) the lowest price change clause. Refers to the minimum allowable range of changes in the quotations of buyers and sellers in futures trading. The price change of each quotation must be an integer multiple of the minimum change price. The minimum change price of soybean futures contract in Dalian Commodity Exchange is 1 yuan/ton. In other words, when you buy and sell soybean futures, it is impossible to have a price of 2 188.5 yuan/ton.
(6) Price restriction clauses. The transaction price of a futures contract on a certain trading day cannot be higher or lower than the settlement price of the previous trading day. For example, Dalian Commodity Exchange stipulates that the price limit of soybean futures is 3% of the settlement price of the previous trading day.
(7) Terms of the last trading day. Refers to the deadline for futures contracts to stop trading. Every futures contract has a certain month limit. On a certain day in the contract month, the trading of the contract will be stopped and the physical delivery will be prepared. For example, Dalian Commodity Exchange stipulates that the last trading day of soybean futures is the tenth trading day of the contract month.
In futures contracts, the quantity, quality, delivery time and place of the subject matter of the contract are fixed, and the only variable is the price. Futures prices are generated by computer matching and call auction in the trading hall of organized futures exchanges. Because the futures contract is a standardized contract, it enables buyers and sellers to settle the physical delivery responsibility stipulated in the contract through hedging.