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2. /, , , , / (80 ) /, , / 3. - : / , , , , / /, , , , , , , / 4. 15-16- - 19- , , . 5. , , , , , , 6. Commodity exchange 7. http://www.bse.hu/data/cms83993/aru_montazs5_01.png 8. / , , , , , , , , / / , , , , , ./ , /, , , , , / , 9. , , , 10. , -, CBOT CCX CME , - LME , - - NYBOT- - , , - -NYMEX , USFE 11. - - - - 12. , 1 . ($) 1 . ($) 1 . ($) 1 . ($) 13. WTI , - - - - - - 14. (2007) . ($)$674.60 - . ($) $1,300.10 - . ($)$374.90 . ($)$13.72 15. (2006) . . ($) 6,670 - .. ($) 1,515 .. ($) 4,110 .. ($) 9,675 .. ($) 2,595 - .. ($) 2,595 .. ($)30,050 .. ($) 2,310 16. , ,, ,,, , , ,, , 17. (2006) 29,000 . ($)(110 m) 1 kg, () 1000 kg (RM) . 1 kg(p) 1000 kg. ($)1,165 18. Commodities trading Spot trading Forward contracts Futures contracts Hedging Delivery and condition guarantees 19. Spot trading Transaction where delivery either takes placeimmediately visual inspection of the commodity or a sample of the commodity, and is carried out in markets such as wholesale markets. Commodity markets, on the other hand, require theexistence of agreed standards so that trades can be madewithout visual inspection. 20. Forward contracts A forward contract is an agreement between twoparties to exchange at some fixed future date a given quantity of a commodity for a price defined today. The fixed price today is known as the forward price. 21. Futures contracts general features as aA futures contract has the sameforward contract but is transacted through a futuresexchange. 22. Futures Vs. Forward contracts Commodity and futures contracts are based onwhats termed forward contracts. Early on these forward contracts agreements tobuy now, pay and deliver later were used as away of getting products from producer to theconsumer. 23. Futures Vs. Forward contracts These typically were only for food and agriculturalproducts. Although more complex today, early forwardcontracts for example, were used for rice inseventeenth century Japan. 24. Futures Vs. Forward contractsagreements, began inModern forward, or futuresChicago in the 1840s, with the appearance of therailroads. Forward contracts have evolved and have beenstandardized into futures contracts. 25. Futures contracts is a standardized forward contract in which thebuyer and the seller accept the terms in regards toproduct, grade, quantity and location and are onlyfree to negotiate the price 26. Hedging a common practice of farming cooperatives, insures against a poor harvest by purchasing futurescontracts in the same commodity. If the cooperative has significantly less of its productto sell due to weather or insects, it makes up for thatloss with a profit on the markets. 27. Largest commodities exchangesExchangeCountryCME Group USATokyo Commodity Exchange JapanNYSE Euronext EUDalian Commodity Exchange ChinaMulti Commodity ExchangeIndiaIntercontinental Exchange USA, Canada, China, UK 28. 18482007-7-12 , , 29. - NYSE 1882 , - www.nymex.com 30.