期货套期保值如何操作？

Core Viewpoint - Futures hedging is a core function of the futures market, allowing market participants to manage risks associated with price fluctuations in the spot market by establishing opposite positions in the futures market [1] Group 1: Types of Hedging - Futures hedging is primarily divided into two categories: long hedging and short hedging. Long hedging is suitable for entities that need to purchase a commodity in the future and are concerned about rising prices, while short hedging is for those needing to sell a commodity and fearing price declines [1] - In long hedging, if the spot price increases, the profit from the futures contract can offset the increased procurement costs. In short hedging, if the spot price decreases, the profit from the futures contract can compensate for the loss in sales revenue [1] Group 2: Hedging Process - The hedging operation must follow a standardized process to ensure effective risk management. This includes identifying the spot risk exposure, selecting highly correlated futures contracts, calculating the number of futures positions, and executing trades at the appropriate time [2] - The revised Futures and Derivatives Law of the People's Republic of China, effective in 2025, further regulates hedging activities, requiring market participants to submit qualification materials to futures trading institutions for compliance benefits [2] Group 3: Risk Factors - Potential risk factors in hedging operations include basis risk, which refers to the difference between spot and futures prices. The price movements may not always align due to supply-demand dynamics and liquidity differences [3] - The selection of contracts is crucial; mismatches in the underlying asset or delivery months can adversely affect the hedging outcome, necessitating thorough evaluation by market participants [3]