领子期权在白糖企业中的应用

Core Viewpoint - Collar options are a risk management strategy that combines buying put options and selling call options to limit asset price fluctuations within a predetermined range, applicable in raw material procurement, inventory management, and profit locking [1][5][12] Group 1: Application Scenarios - Raw Material Procurement: Sugar companies can lock in cane purchasing costs by buying put options and selling call options, mitigating risks of price drops and ensuring stable procurement costs [6][12] - Inventory Management: Companies can manage inventory value fluctuations by using collar options to stabilize inventory value during price volatility, allowing for potential income from sold call options to offset holding costs [7][12] - Profit Locking: By selecting appropriate strike prices, sugar companies can ensure their profit margins remain stable despite market price fluctuations, allowing for dynamic adjustments based on market expectations [10][12] Group 2: Advantages of Collar Options - Cost Efficiency: Collar options are generally cheaper than buying puts alone, as the premium from selling call options can offset the cost of purchasing puts [3][5] - Flexibility: This strategy offers more flexibility compared to traditional futures contracts, allowing companies to customize their risk management approach based on market conditions [4][5] - Risk Management: Collar options provide a balanced approach to risk management, allowing companies to lock in minimum and maximum selling prices while still participating in favorable market movements [3][12]