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China Coal Market Analysis and Design of Thermal Coal Futures Contract

Author: ZhangYaoYao
Tutor: XiaXinPing
School: Huazhong University of Science and Technology
Course: Business Administration
Keywords: Coal market Futures market Thermal coal futures Contract design
CLC: F724.5
Type: Master's thesis
Year: 2010
Downloads: 251
Quote: 1
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Abstract


The stability of China 's coal market is stable and healthy development of the national economy plays an important role . Against this background , study how to avoid energy price risk through domestic and foreign markets , the development of Chinese thermal coal futures to form coal prices reasonable pricing mechanism and trading mechanisms . This article demonstrates that the launch of coal futures market, the early choice of thermal coal as the necessity and feasibility of trading products . Frequent fluctuations in prices of thermal coal spot , there is a wide range of hedging demand ; large number of buyers and sellers , the market is not easy to be manipulated and monopoly . Coal market a comprehensive, systematic analysis , in accordance with the \of China's thermal coal futures product development and contract design . Multiple details of the design of the contract fully taken into account , and strive to contract design is more reasonable and more convenient transaction . Take full account of the hedging efficiency , futures frequent touch panel , sufficient liquidity in the market , spot transactions quote habits and other factors . The contract delivery month designed to follow the energy , commodities futures characteristics have contracts traded every month throughout the year . Delivery to the selected combination of the spot trade flows , transportation and warehousing characteristics and needs of exceptional circumstances, a large number of delivery , the main origin of the main distribution center and the main consumer to determine the specific location . Determine future delivery premiums and discounts is to select the largest consumption of quality grade coal , and other grades of coal under the key test indicators caused by the difference in price premiums and discounts ; different locations in the same coal premiums and discounts , according to Shipment to be quantified. Physical delivery can be taken the EFPs and rolling settlement in two ways .

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CLC: > Economic > Trade and Economic > China's domestic trade and economic > Circulation of commodities > Futures Trading
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