![四种商品期货的价格下限研究](https://wfqqreader-1252317822.image.myqcloud.com/cover/920/30009920/b_30009920.jpg)
第一章 商品期货的价格波动和价格下限的理论基础
第一节 商品期货各个品种的合约规则
我国有三大商品期货交易所,共上市交易47种商品期货。这三大商品期货交易所分别是上海期货交易所、大连商品交易所、郑州商品交易所,分别交易14种、16种、17种商品期货。各个品种的合约规则在下文中会详细阐述。
一、上海期货交易所
上海期货交易所的各个品种的合约规则见表1.1—表1.14。
表1.1 阴极铜的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0009_0001.jpg?sign=1738856587-S4oFFdCUfqfiWlpaLK1SYKNlHbG7DX3e-0-06157d59c182df308a07f65a6bac42f1)
表1.2 铝的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0010_0002.jpg?sign=1738856587-G8EzbdFE3bnqdRym2Ci9ABZGxnAHv0Ay-0-f2cd89ee95c0d2463b58715827330008)
表1.3 锌的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0002.jpg?sign=1738856587-YrgSCMyzOx8YsQ2xNnNQ08zHUB9ENuIe-0-b4f0dd751e529f7b664ae4c142df4fdf)
表1.4 铅的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0011_0003.jpg?sign=1738856587-9hyFFI7BTo3hWK10Oxif0JV58CWd3YqP-0-6330156daefabf44d9a9748b5321ffc6)
表1.5 镍的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0012_0002.jpg?sign=1738856587-aHujEf5ITo78rqzhDu1MtJhZaTvvSBfH-0-3f9f8f3270c0f66fb42b51b2a9f8b16b)
表1.6 锡的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0013_0002.jpg?sign=1738856587-cderU7o1x9KAt6XuXIpvTo3ugE29FtL5-0-5cc23b0a949d0f1c31d0e04953ab14fd)
表1.7 黄金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0001.jpg?sign=1738856587-NhAmy0wjrAvLtf89OGCMdaqPwoSGB7uq-0-1855675c7e48cbe19ff6842466955c64)
表1.8 白银的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0014_0002.jpg?sign=1738856587-AZrZXqNlt1XfwnKg0LEIwCoWsTviD1Vp-0-0a9814ba2f30cfa35f09bc5f3a7049b6)
表1.9 螺纹钢的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0015_0002.jpg?sign=1738856587-sydRZGLw2ey9MND0PsualQjfQSgalNxs-0-fd199ec5931774770548362744938c30)
表1.10 线材的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0016_0002.jpg?sign=1738856587-6wjSOlo8IE6eNzyIZb1iXoSYqnGtWIVL-0-d5a660906d69115f0d67d0411bd6d90e)
表1.11 热卷的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0001.jpg?sign=1738856587-yWBY21OY7MOpBBZIB7uv8e9XWQmNdaV4-0-19b1158bd6d4df6bee4f521269144b50)
表1.12 燃料油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0017_0002.jpg?sign=1738856587-SkmPAQFs7a3ZegcmTF350ufsAhSJWtBJ-0-cca129ca331c8e76c4d8b6390ef2d751)
表1.13 石油沥青的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0018_0002.jpg?sign=1738856587-ybHQhMoMy1g5hLdPkUlE4xHSi6hiiwRP-0-32ee17bf2ecd5fc959be19dfdfc7595f)
表1.14 天然橡胶的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0001.jpg?sign=1738856587-1NCs3qSyLxEcIuyqYYgbrWRqitRL392U-0-cea517ac33a39dcc7e48bf614d76b695)
二、大连商品交易所
大连商品交易所各品种的合约规定如表1.15—表1.30所示。
表1.15 玉米的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0019_0002.jpg?sign=1738856587-pX9X7cXMl6MYXJgAXHHhyw1OW4zVHWc6-0-4d064d84dfb255a44d0245e59a027da2)
表1.16 玉米淀粉的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0020_0002.jpg?sign=1738856587-rqXpjWLCekClPddilqVGiM4KDpDkJYzI-0-5eab90809bd4041bff7468e8769519b5)
表1.17 黄大豆1号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0001.jpg?sign=1738856587-IXBlC3lZaKZaFpSoaSEAkXBT7Q64FWQw-0-305ded4ae8b62b217f151cb850019807)
表1.18 黄大豆2号的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0021_0002.jpg?sign=1738856587-jv3VK7E4c6bEi3V7gzfhwSN3aOnBhS9A-0-fd4686c69466b79600fa23d2b863f6d1)
表1.19 豆粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0002.jpg?sign=1738856587-EiPQuSzRS9zHaT7Gpj0aZuQiJvwjtAUU-0-87d79e2266e02c64e91d04ceb6b62c15)
表1.20 豆油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0022_0003.jpg?sign=1738856587-9kQ6JhvVEM5gNg4ezOepPoZI4vcztd21-0-6e579f949e53e73ba1bb8c9221e72137)
表1.21 棕榈油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0023_0002.jpg?sign=1738856587-tAUyWbIrjjvTckhMrDHeP1YMinwB2KhH-0-9305869e4aaa6e2826fdb6e7375a6836)
表1.22 纤维板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0002.jpg?sign=1738856587-BgILvo3Djw9t0KLdGQm8paJriw7tDFyj-0-bf591124562bd8ba7dac87b789bbf26d)
表1.23 胶合板的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0024_0003.jpg?sign=1738856587-WKGGzQOF1YTDTbfLnLmCCKBahG76blfc-0-907679f850ddbbbed240396c16cc7395)
表1.24 鸡蛋的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0025_0002.jpg?sign=1738856587-QTuag2TTVbRCoEeMJIOEhKKYQWuMd9UR-0-5eada015ae2c276758ebb70539830e00)
表1.25 聚乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0001.jpg?sign=1738856587-9FxtwRVMp8tTX52McAKEEbdWVBjv5bgh-0-c095b7f0d34fb5456d547f892a2d9303)
表1.26 聚氯乙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0026_0002.jpg?sign=1738856587-QSeX1qjJ8H3gxQLR7lBsix14Fi3VFuFI-0-e69301d039b5045b2c986cfe94bff740)
表1.27 聚丙烯的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0002.jpg?sign=1738856587-oErCylTmR3pSs0oslyDSOpBaHCYCNyrF-0-054780e661ae4bb8efd12fbb5e8fb847)
表1.28 焦炭的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0027_0003.jpg?sign=1738856587-CSWCdq5cZyMmEZFPEOalhkVWMBXh8Zuv-0-2eb9a43a3ab523acbf35493b103103a0)
表1.29 焦煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0028_0002.jpg?sign=1738856587-Yw01cw8wZa0D8NbDXJofhnkQdwOz6OA3-0-4d561f40c1ab0cbef552632bff8e826c)
表1.30 铁矿石的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0001.jpg?sign=1738856587-NGIsYSSklv3ViChzPKJLQcEG5zHOxbiL-0-10df3a1e4376797b79def3c0c503ab5f)
三、郑州商品交易所
郑州商品交易所各品种合约规则见表1.31—表1.46。
表1.31 强麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0029_0002.jpg?sign=1738856587-pqQvVqrYWiuV2rPrP0xM0anF5zXtCW8I-0-fbbeb334d4503afc619c3170b7fbb064)
表1.32 普麦的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0030_0002.jpg?sign=1738856587-KABfXqlELUJAlrLMKZNQTvAUkENrjrii-0-24e13475df9d0b14f6503573e021a590)
表1.33 棉花的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0031_0002.jpg?sign=1738856587-SLBclKhs9OoCCAa6snJI5yVRNPjqhlGF-0-5ef12d71ddb863d5700051b27bf4c37b)
表1.34 白糖的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0001.jpg?sign=1738856587-ORKkwOQpgMVpaxI93IHOHUMnb8lZKfM7-0-4a430d028ee2627c6aec9d2033f5afb5)
表1.35 PTA的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0032_0002.jpg?sign=1738856587-9jlLOFLV5yPs6JlhkqeXOAumrMCi93nB-0-535e9b757ba5252b09f481576ebd9185)
表1.36 菜籽油的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0033_0002.jpg?sign=1738856587-3Vs1FH4E7zdrKPBCd821bQ2w2aYCbreE-0-fb8125a735b5f3ff98d694130741c9a1)
表1.37 早籼稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0001.jpg?sign=1738856587-Zw914o1OV12AEkLIVH9fUFiXrPW4v3N7-0-8d064e72881601b06ce0506adc18a81d)
表1.38 甲醇的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0034_0002.jpg?sign=1738856587-LFvZqFzxDmFqOfn3H2Xo14AZE9rv8dG7-0-d05ddfdfcad20968d032faceaa0963a6)
表1.39 玻璃的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0035_0002.jpg?sign=1738856587-U19RvBcmw5LMTbK7vJgyJr8nKcZxAEzG-0-a7f1e380db8446f4fbad2eef4493c8d2)
表1.40 油菜籽的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0002.jpg?sign=1738856587-4N9KaOPVrOvdwuA0z1dEQatH2jjdhE02-0-d267ec4d16cb285dd39c788b102ef883)
表1.41 菜籽粕的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0036_0003.jpg?sign=1738856587-qkQwpD45lagO8DiWotCGrpmHNE8vu2tD-0-3b38a19f5d0bfaa851fa9d5795f08401)
表1.42 动力煤的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0037_0002.jpg?sign=1738856587-YmQjepcDRuAPNl9tJGKwv9MomyKSCRLS-0-0e47eb60b3cb055cde76e842e9ec7b40)
表1.43 粳稻的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0002.jpg?sign=1738856587-id2WBWLCuyABCcMuG4MLFpjBFOpQXjRB-0-23212a769d5c628338f189d1ee4c8218)
表1.44 晚籼的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0038_0003.jpg?sign=1738856587-jFIA18mCsiY2w2PTaRpLTrv1ErOBLQlA-0-2c777cdd721eb1ea84c39e1e0b4c03d8)
表1.45 铁合金的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0039_0002.jpg?sign=1738856587-2PwnnykWb60Fcv7YBkCYXbk4UrMocOLf-0-449d39725826c14e7b8c03fc58dc8277)
表1.46 棉纱的合约规则
![](https://epubservercos.yuewen.com/A10E04/16508679105944806/epubprivate/OEBPS/Images/figure_0040_0002.jpg?sign=1738856587-qWqQN1eYgwcPRqfHQ2Jasn7RY0R8jmiu-0-e223710f1c1515409bf29b182e299f56)