上期所优化交割结算价计算方式

Core Viewpoint - The Shanghai Futures Exchange (SHFE) announced adjustments to the calculation method for delivery settlement prices of certain futures contracts, shifting from a weighted average price to a 5-day arithmetic average price, effective from the 2508 contract onward [1][2] Group 1: Changes in Settlement Price Calculation - The new calculation method for delivery settlement prices will be categorized into two types: one using the "settlement price of the last trading day" for metal products, and the other using the "5-day arithmetic average price" for energy and chemical products, as well as some metal products [2] - The adjustment aims to enhance the predictability of prices for enterprises and significantly reduce hedging costs, aligning better with spot trading practices [1][2] Group 2: Impact on Market Efficiency - The revised settlement price mechanism is designed to improve the convergence of futures prices with spot prices, thereby promoting the price discovery function of the futures market and enhancing the efficiency of industrial hedging [1] - The changes consider the trading habits of various products, the operational characteristics of the futures market, and the maturity of the market, ensuring a balance between rule uniformity and product differentiation [2]