At present, there are four futures exchanges in China futures market. They are China Financial Exchange (CICC), Shanghai Futures Exchange (last issue), Dalian Commodity Exchange (Weibo) (Dashang Exchange) and Zhengzhou Commodity Exchange (Zhengshang Exchange). These four exchanges trade 29 kinds of futures products every day.
In fact, the entry threshold of the futures market is not high. For radical investors, 2400 yuan can enter the market.
Stock index futures have the highest participation.
Judging from the classification of the market, the current futures market is mainly composed of financial futures and commodity futures.
Among them, the stock index futures listed by CICC is the only financial futures product in China, but its trading volume accounts for half of the futures market. The data shows that unilaterally, in the first quarter of this year, the total number of transactions in the national futures market was 65.438+0.97 billion lots, with a total turnover of 365.438+0.64 trillion yuan, down by 65.438+06.48% and 5.90% respectively. Stock index futures traded 20.47 million lots, with a turnover of 15.58 trillion yuan, up 73.69% and 38.72% respectively. The turnover of CICC accounts for about 49.24% of the total turnover in the futures market.
"The reason why stock index futures are chased by so many funds is mainly because of the high participation of institutional investors." Zhang Junling, an analyst of Dongxing Futures, told China Business News (Weibo).
At present, CICC is conducting simulated trading of treasury bonds futures, which will also be listed in the future.
Commodity futures are different.
Commodity futures can be divided into three categories: agricultural products (15.29, -0.59, -3.72%) futures, metal futures and energy and chemical futures. At present, there are 28 varieties distributed in three other commodity futures exchanges.
Among them, all 10 trading varieties in the previous period are mainly industrial products such as metals, energy and chemicals. The main varieties are rebar, rubber, silver and copper. Among these active varieties, rubber and silver are the most speculative in the day and fluctuate violently.
Judging from the risk of overnight gap, silver has the greatest risk of overnight gap. Because the main fluctuation period of global silver price is at night, and the silver price is greatly influenced by the external market, the opening price often appears obviously high or low. Historical data shows that the biggest drop in the price of silver in a single day is 17%, so holding silver overnight is risky.
On the contrary, because there is no external market, rebar is relatively independent, with few gaps, continuous trend and stable fluctuation, which is more suitable for long-term investment.
Judging from the historical trend, rebar sometimes consolidates in a narrow range for a long time, which makes day traders feel that it is a chicken rib, but when the market appears, it is also unambiguous. Waterfall and rocket-like rise are also commonplace. Many people in the industry say that making rebar is patience.
Copper has a large turnover and is the first choice for large funds in commodity futures. However, the linkage between copper and the outer disk is also relatively strong, so there is also a certain risk of gap, but the intraday fluctuation of copper is also great.
Among the nine varieties currently traded by Dashang, the main products are beans, oils and plastics. Among them, soybean meal, soybean and corn, which have been heated up recently, are traded in big business offices. There is a strong correlation between the varieties of large commercial housing, and there are many arbitrage combinations that can be realized.
Soybean meal and corn can be both feeds, which can form an arbitrage relationship between feeds. There is also a substitution relationship between soybean oil and palm oil, and price deviation can also achieve arbitrage. Soybean, soybean oil and soybean meal belong to the raw materials and finished products of the refinery respectively, which can realize arbitrage. Plastics and PVC also have a certain cost relationship, and arbitrage can also be achieved.
There are 9 trading varieties in Zhengshang Institute, and the largest trading volume is sugar. The average daily trading volume of white sugar is generally around 2 million lots, which is famous for its irregular fluctuations in the day, so it is called "demon sugar". Because its price is moderate at around 6000 yuan/ton, the intraday fluctuation is more active, attracting many intraday speculators.
Sugar is not the only star variety of Zhengshang Institute. 20 10, the cotton of zhengshang institute rose from 17000 yuan/ton to 34000 yuan/ton in just a few months, and the average daily turnover soared from less than 500,000 lots to 2 million lots. At that time, it became a star variety, but later it fell from 34,000 yuan/ton to less than 20,000 yuan/ton. After the ups and downs, the turnover dropped from 2 million hands per day at that time to less than 500 thousand hands.
"The intraday fluctuation of mainstream varieties is greater than that of some non-mainstream varieties, and price fluctuations will attract funds." Liu Xiao, a strategist at Haizheng Futures, said that in addition, mainstream varieties must be supported by mature industrial chains. Futures have two functions-hedging and price discovery. Without the hedging demand of industrial customers, purely speculative futures varieties cannot exist as mainstream varieties in the market for a long time.
Strong wheat and corn have the lowest margin threshold.
For some retail investors, the capital threshold is an important consideration in choosing varieties. There are many retail investors in the market who are constrained by financial factors and choose relatively cheap products.
Futures trading is margin trading, which combines margin and volume. Strong wheat and corn are two cheaper and more active varieties.
At present, the prices of corn and strong wheat are all around 2400 yuan/ton, and each trading unit is 10 ton. The benchmark margin ratio stipulated by the exchange is 5% and 6%, and the reference margin of futures companies is 8% and 10%, that is, the margin to be paid for each transaction is not higher than 2400 yuan.
Therefore, for stable investors with positions ranging from 20% to 30%, the minimum trading threshold for them to enter the futures market is about 8,000 yuan ~ 1.2 million yuan; For some radical investors whose positions are 50%~ 100%, the entry threshold is 2400 ~4800 yuan.
In addition, among the more active varieties of 1 1, there are 8 futures varieties that need insufficient funds12,000 yuan, and the required funds from high to low are: silver, natural rubber, cotton, soybean oil, sugar, soybean, rebar and soybean meal.
Still based on the above positions, for radical investors, the funds needed to participate in most transactions are 12000 ~24000 yuan. Steady investors, the entry threshold is 40,000 ~ 60,000 yuan.
Among the active varieties, the trading margin of gold and copper in commodity futures is the highest, about 30 thousand yuan or more. Therefore, the amount required for radical investors to participate in these two commodities is 30,000 yuan to 60,000 yuan, and the amount required for steady investors to participate is 654.38+10,000 yuan to150,000 yuan.
The most expensive variety of futures-stock index futures, due to policy factors, the threshold for entering the market is 500 thousand. However, recently, the margin ratio of exchanges has been lowered to 12%, and the margin ratio of futures companies is 3%, so the first-hand contract of stock index futures trading only needs 1 1 10,000 yuan.
Particularity of futures market
Compared with other markets, each variety of futures market has its own personality.
First of all, unlike the stock market, the transaction fees charged by each stock are the same. In the futures market, the cost calculation method of each variety is different, and some varieties are fixed. For example, the sugar exchange charges 4 yuan/hand. Some varieties are charged according to the market value ratio, such as rebar 8/100000 and fuel oil 3.5/100000.
Some varieties, such as gold, copper, silver, sugar, etc., choose to close their positions on the same day after opening their positions. But some varieties, such as cola, charge half the price when they close their positions on the same day. Other varieties do not have this preferential policy.
Secondly, the trading units are different, such as silver 15kg/ hand, gold 1kg/ hand, copper 5 tons/hand and coke 100 tons/hand.
In addition, in the futures market, different varieties have different fluctuation ranges because of their different fluctuation characteristics. When there is continuous fluctuation, the limit of fluctuation range will be expanded.
In addition, investors should be reminded that the margin ratio of the contract is not fixed. Sometimes the exchange will adjust the margin, for example, when the trading position reaches a certain upper limit and is close to delivery during holidays. Among them, the margin of the far-month contract of stock index futures will be 3 percentage points more expensive than that in recent months.
However, it must be reminded that because futures trading is a leveraged transaction, investors who have just entered the market should not have too high positions in the trading process to avoid the risk of opening positions when encountering extreme market conditions.