Colored people understand futures people understand nonferrous

clean workshop, busy and orderly production order, the key operation workers simply, a pile of pile of neat zinc steaming out, this is the world's largest lead smelting enterprises -- zinc Yuguang Gold & lead factory, also in London Metal Exchange (LME) and the London based Precious Metals Association (LBMA) registered zinc ingots.

September 13th, Chinese Securities News reporter with the Shanghai futures exchange fourth non-ferrous metals industry training team visited Yuguang Gold & lead, the project activities rich in content, practical, aimed at strengthening period, spot communication between companies, making the "colored people know better futures, futures people understand colored", is a period with more closely, both nonferrous metal futures professional personnel training, but also to strengthen the non-ferrous metal industrial service strength.

"at the beginning of 2014, I signed a contract with some company imports of raw materials, slag containing silver metal was about 6 tons, the contract before the end of 4 does not point to the London silver price average price valuation in May, the company mainly to the domestic sales of silver, the risk does not match the market pricing, how to value?" Yuguang Gold & lead futures department related person in charge explained with an example of the effective use of enterprise of domestic and foreign futures market.

reportedly, June 4th, Yuguang Gold & lead in the 1412 contracts sold a total of 400 hands silver, fold to 4030 yuan / kg, and the simultaneous purchase of 192900 ounces of silver, the price for 18.8 U.S. dollars / ounce; in July 11th, 1412 contract buying positions 400 hands silver, fold to 4407 yuan / kg, also sell open 192900 ounces of silver, an average price of $21.47 / ounce. The ratio of transaction, a total profit of 155.2 yuan / kg.

talks about the necessity of hedging, the responsible person said, processing enterprises is to make reasonable processing fee for the purpose; the continued expansion of industry led to the continued decline of processing fees, processing fees and processing enterprises in the basic profit margins, the procurement of raw materials do not hedge, meager processing profits will lost due to price volatility; improve the enterprise participates in the futures market level, it is particularly necessary and important which is the market development trend to.

, however, the traditional hedging theory development up to now have been fundamental changes in the traditional way, value is not applicable to all situations. Hedging the success cases must have the judgment of the market trend, grasp the flexible hedge ratio, rather than mechanical participation.

"hedging is the futures and spot height combination, enterprises should combine the futures and spot markets department, Department of mutual understanding and communication, timely exchange of information, to ensure that personnel understand futures spot trends, spot personnel familiar with the futures price, and lay the foundation for the smooth implementation of hedging scheme." Yuguang Gold & lead relevant responsible person said, should be comprehensive consideration of futures and spot profit and loss, should be a correct view of hedging losses enterprise, with spot market together, in some cases, by hedging though losses occur, but to avoid the spot market more losses than non attachment

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