2. Basis is the difference between the latest spot price of the corresponding product and the futures contract in the last month. The formula is: spot price-futures price, so the above is 800-8 10=- 10, and that 1 1 month is bothering you.
3. Buying hedging means that the hedger first buys commodity futures contracts in the futures market with the same quantity () as the spot goods in the spot market and the delivery date is similar or the same.
First of all, we must clarify the concept of buy hedging. Buying hedging means that the investor is holding a short spot now, and he wants to buy the spot in the future, that is, holding a long spot. In order to prevent future economic losses caused by rising spot prices, investors need to buy futures contracts now (holding futures bulls now). I think what you are confused about now is the serial number of this futures contract. The number of futures contracts purchased by investors should be the same as the spot number purchased in the future. So the question above should be "buy".
Examples of purchasing hedging:
In September, an oil factory estimated that 10/00 tons of raw soybean was needed in October. At that time, the spot price of soybean was 20 10 yuan per ton, and the oil factory was satisfied with the price. It is predicted that the soybean price may increase by 5438+065438+ 10 in June. Therefore, in order to avoid the risk of rising raw material costs caused by future price increases, the oil factory decided to conduct soybean hedging transactions on Dalian Commodity Exchange. The transaction is as follows:
Spot market futures market
In September, the soybean price was 20 10 yuan/ton. Buy 10 lot 165438+ 10 month soybean contract: offer 2090 yuan/ton.
10 month purchase 1 10 lot (100 ton) soybean sale 10 lot130 yuan/ton soybean: the price is 2 130 yuan/.
The price is 2050 yuan/ton.
Arbitrage results in a loss of 40 yuan/ton and a profit of 40 yuan/ton.
The net profit of the final result is 40* 100-40* 100=0.
You can look at the above example. The number of futures bought in September was 10 lots (now). 165438+ 10 bought in October is also 10 lot (future). So the amount of buying futures now should be the same as the amount of buying spot in the future. I said a lot. I don't know if you understand.
4. I subtract +2 from each option to see which is greater than zero, which is profit, less than zero is loss, and equal to zero is flat. I wonder if it makes sense. You can think for yourself.
5. It seems that 1 copper futures is 5 tons. It should be in the book.