聚烯烃月均价期货合约及规则解读

1. Report's Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In commodity trading, price volatility is the core risk affecting market stability and corporate operations. The Dalian Commodity Exchange recently solicited opinions on monthly average price futures contracts for three major chemical products, aiming to enhance the efficiency of the futures market in serving the real economy and meet the risk management needs of enterprises [2][8]. - Monthly average price futures contracts are innovative financial derivatives that help smooth price fluctuations caused by short - term changes in market supply and demand, and have unique significance in risk management, market pricing, and industrial chain stability [3][18][22]. 3. Summary by Relevant Catalogues 3.1 Monthly Average Price Futures Contract Preface - Price fluctuations in commodity trading significantly amplify corporate operating risks. The Dalian Commodity Exchange's solicitation of opinions on monthly average price futures contracts for LLDPE, PP, and PVC aims to serve the real economy and meet enterprises' risk management needs [2][8]. 3.2 Design Key Points of Polyolefin Monthly Average Price Futures Contract Rules - Monthly average price futures are contracts settled based on the average price of the underlying asset within a month. The contract codes for polyethylene and polypropylene monthly average price futures are "L contract month F" and "PP contract month F" respectively [3][9]. - The trading unit, trading time, handling fees, margin, price limit, etc. of polyolefin monthly average price futures contracts are consistent with physical delivery futures contracts. The main differences are the cash delivery method, the number of contracts, and the last trading day [3][12][13]. - The trading limit for polyolefin monthly average price futures and physical delivery futures is set separately, with the total trading limit not exceeding that of existing varieties [13]. 3.3 Calculation of Polyolefin Monthly Average Price Futures Contract Settlement Price - Before the month before the contract month, the settlement price of the physical delivery futures contract is exactly the same as that of the monthly average price futures contract. In the month before the contract month, there are differences in the trends [16][17][18]. - During price increases, the settlement price center of monthly average price futures is lower than that of physical delivery futures, while during price decreases, it is higher, which helps smooth price fluctuations [17][18]. 3.4 Significance of Polyolefin Monthly Average Price Futures Contracts - Monthly average price futures contracts can smooth monthly price fluctuations, provide relatively stable price information, and avoid budget deviations caused by single - day price fluctuations [22][25]. - They can improve the price discovery function by integrating daily price signals and reflecting the medium - term supply - demand balance more truly [25]. - They can enhance market liquidity by attracting more financial institutions to participate in trading [25].