The question of hedging can t figure it out, I can t figure it out

I think you're asking a good question, hedging should be learned. It means that you have used your brain.

Let the Sprinkler help you explain.

The aluminum factory in Guangdong did not have enough money in March, and he wanted to buy it, but he couldn't afford it. Therefore, in the form of **margin trading, 13200** opens an aluminum contract. By May, he may have started to turn around.

So he can spot aluminum at 15,000 ****. In May, the ** market was +200 yuan tons compared to the spot market. Then the 200 yuan can be understood as the cost of warehouse management fees, freight and other costs.

Let's talk about the main points:

Just look at the spot market, this company can't afford to buy in March, can afford to buy in May, buy in May, that is, buy in the market in the month of loss per ton, and deliver in the spot market in May, which is completely okay. The effect is to earn 1800 per ton. Does this avoid the risk of raw materials and aluminum plants?

The profit of 1800 was taken from the ** market.

Now the market has closed its position, earning 2,000 yuan per ton. You notice, this company did not have spot aluminum on the spot market in March. He wrote here that the loss was 2,000 per tonne, which was compared to March.

If the company wants to use aluminum in May, it will be 15,000 yuan tons. What you mean is, "As a result, the spot loses 2,000 tons, and ** makes 2,000 tons." "That's not profitable, right?

Well, I think the profit is gone, but the company, after the profit is gone, he uses aluminum in May, what is the cost? 13000 right? 15000-（15200-13200）。

The company used the profits in the market to make up for the risk of the spot market because of the shortage of funds, right?

I'll give you another angle, if the company chooses to deliver, it will make a profit of 1800 per ton. Now the spot market is, and his actual purchase** is 13200.

Almost, the same. In practice, if the aluminum delivery warehouse is far away from the company, the cost will increase. Generally, corporate hedging does not choose delivery. Of course, delivery is not inevitable, and it is still necessary to choose according to the characteristics of the enterprise.

If you don't understand this question, do a few more questions and do some hedging. You're right.

You're reading the book to death.

To really operate hedging, you don't have to go to the delivery of spot. Spot companies do hedging, some deliver the spot, and those who do not deliver the spot can hedge the risk. What's so hard about it?

Hedging, in layman's terms, is to buy and sell the same type of commodity in the spot market and the ** market at the same time in equal quantities but in opposite directions. That is, when the trader buys (or sells) the actual goods, he sells (or buys) the same amount of ** trading contracts on the ** exchange as a hedge of value.

Enterprises use the ** market to carry out hedging transactions, which is actually a kind of risk investment behavior for the purpose of avoiding the risk of spot trading, which is an operation combined with spot trading. Establish a hedging mechanism between "current" and "future", between the near term and the forward, to minimize **risk.

It is a means or tool used to avoid risks or reduce risks. For example, the so-called **, options, and forwards are hedging derivatives.

Hedging, also known as hedging, refers to the degree of risk and risk that will arise when a company trades on a platform.

Hedging refers to a trading activity in which an enterprise designates one or more hedging instruments in order to avoid foreign exchange risk, interest rate risk, commodity risk, credit risk, etc., so that the fair value or cash flow of the hedging instrument changes, and is expected to offset all or part of the risk of fair value or cash flow change of the first period item.

In order to ensure the cost of income lock-in in the process of currency conversion or conversion, the practice of avoiding the risk of exchange rate changes through foreign exchange derivatives is called hedging.

Hedging is a saying"Haiqin"It is understood that when a trader buys or sells actual goods, he sells (or buys) the same number of trading contracts on the exchange. This is an act that temporarily replaces physical transactions in order to avoid or reduce adverse changes.

Fold and the distinctive features of this section.

The distinctive feature of hedging: at a limited time node, the same amount of commodities in the same trading market is carried out on the spot trading platform and the current trading market. After a period of time, when a change results in a profit or loss on a spot transaction, the profit or loss on the transaction can be offset or compensated.

Thus in"Now"with"Period"In order to minimize the risk, a hedging trading mechanism has been established between the short-term and long-term.

Analysis of the difference between the basic theoretical knowledge of the development status of spot and ** industries. Considering that the two market competition patterns are disturbed by the same supply and demand, the market of the two market competition patterns is at the same time; However, considering that the operation of the two market competition patterns is opposite, the income of the spot trading platform can make up for the loss of the spot trading platform, and the appreciation of the accompanying guess or the spot trading platform can be offset by the loss of the spot trading platform.

Collapse of the trading rules for this segment.

Hedging and selling is a category in which hedging transactions are classified.

Also known as long hedging, spot ** and **** both rose, and the profits in the ** market largely offset the losses brought by spot ****. Feed companies have obtained better hedging results, effectively preventing the risks caused by raw materials.

However, because the rise of the spot market is greater than the rise of the spot, the basis expands, so that the feed enterprises in the spot market due to the rise of the spot loss is greater than the profit of the market due to the rise of the sell, the loss is still 1000 yuan. This is caused by an adverse movement in the basis and is normal.

"Hedging is to prevent ****, and selling hedging is to prevent ****.

For example, in the future, enterprises will hedge soybeans in order to prevent soybeans from rising, that is, hedging. Now the spot market is 100 yuan tons, such as half a year later the spot market may be ** to 120 yuan tons, then now in the ** market to do ** 50 tons of soybean ** contract, wait until half a year later in the spot market ** 50 tons of soybeans, at the same time in the ** market will be the previous 50 tons of soybean ** contract sold, so in half a year later at this point in time the ** market is to sell, the spot market is **, the direction of the transaction is the opposite.

Sell hedging.

For example: a company wants to ** soybean in the future, but is worried about soybean ****, at this time should sign a put option (sell soybean in the market**), half a year later, soybean **really**, at this time, soybean **** in the spot market, so there is a loss in selling spot, and in the **market, **** soybean contract (**market income), hedging and closing, **market is profitable, so as to achieve hedging.

Hedging, also known as hedging, refers to the trader buying and selling the same amount of ** trading contracts on the ** exchange as a hedging at the same time as buying and selling actual goods.

Hedging refers to buying or selling contracts that are the same or related to spot commodities (assets) in the market, equal or similar in quantity, in opposite directions, and in the same or similar months, so as to establish a profit and loss offset mechanism between the market and the spot market to avoid the risk of volatility.

It is divided into two categories: hedging and selling hedging. Hedging, also known as long hedging and buying hedging, refers to the hedging in order to avoid the risk of *** in the **market** and its future in the spot market ** with the same (similar) number of spot commodities or assets in the futures market ** with the commodity or asset as the subject of the ** contract, the delivery date is the same (similar) ** contract, a day in the future, when the hedger in the spot market ** the spot commodity or asset at the same time, the original purchase of the ** contract hedged and closed, so as to complete the hedging process.

For example: the main raw material of an aluminum factory is aluminum ingots, and the spot of aluminum ingots in early March is 20,000 yuan, and the factory expects that the spot will be 200 tons of aluminum ingots at the end of June. The plant can do **hedging, in early March at 20,800 yuan tonnes****** 40 lots (5 tons per lot) in September expiring ** contract.

At the beginning of June, the spot market aluminum ingots reached 22,000 yuan tons, and at this time the aluminum ingots had reached 22,800 yuan tons. At this time, the aluminum plant with 22,000 tons of 200 tons of spot aluminum ingots, and at the same time hedged the long position to close the hedging. Regardless of transaction costs, the cost of 200 tons of spot aluminum ingots at this time of the aluminum plant is completely equal to that at the beginning of March (spot loss of 2,000 yuan per ton, profit of 2,000 yuan per ton), to achieve full hedging.

Sell hedging is generally the first person of commodities or assets, and the concept and operation method are the opposite of **hedging.

Note: The above examples are purely fictitious and are only for the convenience of the landlord.

A hedging strategy, also known as a hedging strategy, is usually a measure to offset the risk of the underlying asset by using a financial derivative product to establish an opposite and equivalent number of positions between the underlying asset.

Hedging strategies are primarily used to manage market risk, including interest rate risk, exchange rate risk, ** risk, and commodity risk.

Extended Materials. The principle of hedging.

First, in the trading process, although the change range will not be completely consistent, the trend of change is basically the same. That is, when the spot ** of a particular commodity tends to **, its ** also tends to **, and vice versa. This is because although the market and the spot market are two separate markets, for a particular commodity, the main influencing factors of the market and the spot market are the same.

In this way, the factors that cause the rise and fall of the spot market will also affect the rise and fall of the market in the same direction. The hedger can achieve the function of hedging by doing transactions opposite to the spot market in the ** market, so as to stabilize ** at a target level.

Second, not only do spot ** and **** move in the same trend, but also, by the time the contract expires, the two will be roughly equal or combined. This is because **** contains all the costs of storing the commodity until the delivery date, so that the forward **** is higher than the recent ****. When the ** contract is close to the delivery date, the storage fee will gradually decrease or even disappear completely, at this time, the determinants of the two ** are actually almost the same, and the **** of the delivery month and the spot ** tend to be the same.

This is the principle of convergence of market trends between the market and the spot market.

Of course, the market is not the same as the spot market, it will also be affected by some other factors, therefore, the fluctuation time and fluctuation range are not necessarily exactly the same as the spot, coupled with the provisions of the trading unit in the market, the number of two market operations is often not equal, which means that hedgers may obtain additional profits when reversing profits and losses, and may also produce small losses. Therefore, when we engage in hedging transactions, we should also pay attention to the factors that may affect the hedging effect, such as basis, quality standard differences, transaction quantity differences, etc., so that hedging transactions can achieve satisfactory results and provide effective services for the production and operation of enterprises.