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Since 2002, due to the international and domestic economic impact of the non-ferrous metal prices appear relatively large price fluctuations . Domestic electrolytic aluminum production since 2003, continues to expand, the past few years production has doubled several times . Domestic electrolytic aluminum production in 2007 has reached 12.56 million tons . Countries continue to adjust the electrolytic aluminum industry policy and export policy to limit the over-investment of electrolytic aluminum as well as the imposition of export tariffs on electrolytic aluminum , to some extent, limit the rapid expansion of the aluminum industry , the domestic aluminum industry is affected to some degree . HXD aluminum company is mainly aluminum processing companies often need to be purchased in the market electrolytic aluminum, electrolytic aluminum price changes on the company's cost control and profit a great impact , need to find ways to avoid the risk . The main work of this paper are as follows: (1) an overview of the development and basic overview of foreign and domestic futures market . Focuses on the concept of hedging , the basic theory of hedging , hedging , hedging purposes , the impact of hedging factors . Hedging aluminum for HXD aluminum company provide a theoretical basis. (2) for the analysis of the factors that affect the price of electrolytic aluminum , because the HXD aluminum company's main business , including supply and demand , the supply of alumina , tariff , import and export tariffs , the impact of the economic cycle , the macroeconomic impact of stocks , U.S. dollar and the impact of the exchange rate , have made a detailed analysis . (3 ) China 318 aluminum company , organizational structure, business and results of operations of a brief introduction . Aluminum futures hedging the feasibility and necessity of a detailed analysis of the company . (4) , the HXD aluminum for aluminum futures hedging specific programs . The specific content involved in the program have made in detail. Including the number of hedge funds invested , price targets , technical analysis , the position risk assessment and hedging positions , month, applications. And practical examples of the aluminum hedging example .
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