期货市场在有色金属贸易中的应用

论文编号:GM430  论文字数:16316.页数:27

 摘  要
 
 有色金属进出口贸易属于大宗商品贸易，进入门槛相对较高，在日常进出口贸易中的一些问题是所有有色金属进出口商都无法回避的。首先，是价格波动问题。对有色金属专业进出口商来说价格频繁波动是最大问题，每一次价格振荡，无论涨跌，都会给进出口业务带来相当的冲击；第二，是资源和国家政策因素影响。第三，是资金问题。有色金属进出口需要大量资金、银行授信额度和广泛多样的融资渠道来支撑，这些在目前的银行体系内无法保证。
 有色金属进出口业务发展到了一定阶段，涉足期货市场是必不可少的一步。有色金属进出口企业利用期货市场的方式主要有套期保值和套利，其中套期保值是回避现货价格波动的主要方式；套利是相对风险较小的投机方式。本文通过套期保值方案的设计和分析来明确，如何结合现货进出口实施套期保值，套期保值中的风险及控制，套期保值操作中的注意事项等等；通过跨市套利方案的设计明确跨市套利的原理及如何操作，如何分析两个市场的比价关系，如何回避跨市套利的风险，并且探讨了跟跨市套利有关的其他操作方式。
 有色金属进出口利用期货交易的可行性得到确认后，文章主要探讨期货市场风险的防范与控制。一般来说，应该将基本分析法和技术分析法结合使用，并在实战中不断磨练操作经验，才能更好把握市场行情的走势，提高预测的准确率。期货市场风险的控制主要通过交易所、经纪公司和投资者的共同努力来实现，本文主要从投资者角度探讨了控制风险的一些注意点。但是风险控制是与实际操作是分不开的，需要每个进出口企业根据自己的业务情况有针对性制定适合本企业的方案，并在操作中不断验证、调整和优化，使得风险的控制措施不成为摆设。
 关键词：有色金属，期货市场，套期保值，套利，风险防范和控制
 
 
 ABSTRACT
 
 Import and export trade of non-ferrous metals are large merchandise trade, the relatively high barriers to entry, is the problems that all non-ferrous metal importers and exporters can not be evaded. First of all, is the issue of price volatility. To professional importers and exporters of non- ferrous metals prices is the biggest problem ,it is the frequent fluctuations in every price oscillation, regardless of Change, to import and export business will bring substantial economic impact; Second, the resources and influence national policy. Third, is the financing. Non -Ferrous Metals Import and Export needs a lot of money, bank credit lines and a wide variety of financing channels to support, which in the current banking system can not be assured.
 It can be said that the import and export of non-ferrous metals business to a certain stage, into the futures market is an essential step. Import and export enterprises to take advantage of non- ferrous metals futures markets there are hedging and arbitrage, which hedge the spot price volatility is to avoid the main mode; arbitrage is relatively less risky way of speculation. In this paper hedging program through the design and analysis to clear, how to spot the import and export hedging, hedging and risk control, hedging operations, etc. Note; through cross-market arbitrage program design a clear cross-market arbitrage and how the principles of operation, how to analyze the relationship between the two market prices, how to choose the market opportunity and how to avoid the risk of cross-market arbitrage, and discusses the cross-market arbitrage with other practices.
 Non-Ferrous Metals Import and Export of the feasibility of the use of futures trading after it has been confirmed, the article focused on the futures market to prevent and control risks. Generally speaking, should be the fundamental analysis and technical analysis combined with the use of, and continue to hone their combat experience in order to better grasp the trend of the market, improve forecast accuracy. Futures markets to control risk of the primary exchanges, brokerage firms and investors to work together to achieve, from the investor point of this paper discusses some of the attention of the risk control points. However, risk control is inseparable from the actual operation, the need for each import and export enterprises according to their own business to develop targeted programs for the enterprises, and continue to verify the operation, adjustment and optimization, making the risk control measures do not become a display.
 
 KEYWORDS: Non-ferrous metals, futures markets, hedging, arbitrage, risk prevention and control
 
  
 正文目录
 
 
第一章  引言 ……………………………………………………………1
 第一节 研究背景………………………………………………………1
 第二节 研究目的………………………………………………………2
第二章 期货交易对有色金属贸易的必要性……………………………3
第一节 有色金属贸易现状………………………………………………3
第二节 有色金属进出口贸易中存在的问题………………………………4
第三节 有色金属贸易与期货贸易的相关性………………………………5
第三章 有色金属进出口企业利用期货市场的策略 …………………6
 第一节 回避风险的主要方式——套期保值………………………………7
 第二节 期货市场的投机方式——有色金属套利…………………………10
第四章 期货市场风险防范与控制……………………………………15
 第一节 期货市场风险的成因……………………………………………15
 第二节 期货市场风险变化的分析和预测 ………………………………16
 第三节 期货市场风险的监控与防范……………………………………18
第五章 研究结论………………………………………………………19
参考文献…………………………………………………………………20
致    谢…………………………………………………………………22