What are Commodity Futures?
Commodity futures are futures contracts whose indicators are physical commodities. Commodity futures have a long history and a wide variety, mainly including agricultural and sideline products, metal products, and energy products. It is a standardized agreement on the purchase and sale of a certain quantity of physical goods by the buyer and seller on a certain agreed date in the future at the price agreed upon when signing the contract. Commodity futures trading is a standardized way of trading specific commodities on a futures exchange.
Commodity futures
- Commodity futures are indicators of physical commodities
- Futures
- Specifically, there are about 20 agricultural and sideline products, including corn, soybeans, wheat, rice, oats, barley, rye, pork belly, live pigs, live cattle, calves, soybean meal, soybean oil, cocoa, coffee, cotton, Wool, sugar, orange juice, rapeseed oil, etc.
- (1)
- After trading volume of China's commodity futures won the first place in the world in 2009 and 2010, the total volume of futures market transactions in 2011 fell by more than 30% year-on-year, failing to win three consecutive championships. However, as of November, the total volume of domestic commodity futures transactions has reached 1.208 billion hands (excluding
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| Iron ore | i | 100 tons / hand | |||||
- Summary
- Seller's Delivery Process < br Seller's Delivery Process: Delivery Forecast-Goods Storage (Acceptance of Delivery Warehouse)-Inspection by Delivery Warehouse or Designated Quality Inspection Agency-Delivery Warehouse Issues "Standard Warehouse Receipt Registration Application Form"-To Transaction Registered standard warehouse receiptsdeliver warehouse receipts to the exchangeparticipate in delivery, obtain payment and issue VAT invoices.
If registered in the factory warehouse standard warehouse receipt, the delivery process will begin from the above-mentioned process "Delivery Warehouse Issues" Standard Warehouse Receipt Application Form ".
The seller must complete the registration of standard warehouse receipts before closing the market on the last delivery day, and deliver the warehouse receipts to the exchange, otherwise it will be judged as a default. When rolling delivery, the seller gets 80% of the payment after settlement on the settlement day, and the balance is settled after the special VAT invoice is submitted. For one-time delivery, the seller receives 80% of the payment after the settlement on the last delivery day, and the remaining balance is settled after the special VAT invoice is submitted.
Buyer's delivery process < br Basic buyer's delivery process: Delivery paymentreceiving the Standard Warehouse Receipt Voucher cancellation of the standard warehouse receipt, receipt of the Notice of Delivery with the Notice of Delivery to the delivery warehouse ProcedureGoods are shipped out.
When rolling delivery, the buyer must transfer the full payment to the exchange account before settlement on the settlement day. For one-off delivery, the buyer must transfer the full payment to the exchange account before settlement on the last delivery day.
When rolling delivery, the customer will receive the "Standard Warehouse Receipt Holding Certificate" after settlement on the settlement day. For one-time delivery, the customer will receive the "Standard Warehouse Receipt Holding Certificate" after settlement on the last delivery day.
- Settlement of payment for payment is based on the principle of one payment, one payment, and payment before payment. There are two ways to collect and pay for payment: inward transfer and bank transfer.
1. Inward transfer: When the buyer member adopts the inward transfer method, the payment must be transferred to the member's settlement reserve account in advance. When the delivery is to be completed, the settlement and settlement officer of the unit should go to the settlement department to fill in the "Application for Inward Transfer of Purchase Member Payment" , The settlement department will handle the inward transfer of the payment. If the settlement reserve is insufficient due to the inward transfer of delivery, the consequences will be borne by the member. When the seller member needs to transfer the payment inward, the settlement and settlement officer of the unit also fills in the Application for Transfer of the Payment of the Sales Member's Delivery to the settlement department, and the settlement department will uniformly transfer the payment to the settlement of the selling member on the third delivery day. Reserve account.
2. Bank transfer: When the buyer member uses bank transfer, the delivery payment can be credited to the exchange account with a credit voucher, promissory note or check; and the seller member (the member who has not applied for inward transfer) should receive the delivery payment. After the settlement on the third delivery day, the exchange will uniformly transfer the funds to the member's settlement bank member's special account.
Buyer members who use the inward transfer method to pay the delivery payment can go to the settlement department to apply for inward transfer before the first delivery day and the second delivery day at 14:00.
If the buyer member pays the delivery payment by bank transfer, he must go to the settlement department to complete the relevant matters before 14:00 on the third delivery day.