Because of its information-intensive and capital-intensive characteristics, the securities market can easily become a hotbed of insider trading and stock price manipulation. The futures market is a fully competitive market with open and transparent information. Futures price is an equilibrium price reached after full competition between buyers and sellers, so futures price can be described as "real", which reflects everyone's expectation of a certain commodity price.
Futures prices play a leading role in stock prices for two reasons: First, from the perspective of price transmission mechanism, the fluctuation of commodity prices affects the profitability of listed companies in related industries, and the change of profitability will affect investors' expectations, thus affecting the stock prices of listed companies. On the other hand, the unique "T+0" and two-way trading mechanism of the futures market, as well as its characteristics of low transaction cost, high liquidity and open information, enable it to quickly reflect market information.
Three Ways of Futures Price Affecting Stock Trading
1. Futures varieties are products produced and operated by the company. Similar to the relationship between copper, aluminum, zinc, gold and other resource commodity futures and Jiangxi copper, Yunnan aluminum, Zhongjin Lingnan and Shandong gold. As long as investors insist on observing the trend of futures prices for a long time, they can decide the trading time of stock band trading according to the trend of futures prices.
2. Futures varieties are raw materials for the company's production and operation, similar to the relationship between natural rubber prices and tire manufacturers, such as Fengshen shares. In this case, futures prices are generally negatively correlated with stock prices.
3. Although futures prices do not directly affect the short-term operation of listed companies, they have a far-reaching impact on the company's medium-and long-term development space. The most typical is the relationship between crude oil futures price and new energy stock price.