COMMODITY RISK MANAGEMENT Cotton Fundamentals COMMODITY RISK MANAGEMENT
- Slides: 74
COMMODITY RISK MANAGEMENT 美国棉花种植分部图 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国ICE棉花期货 30年价格月线图(1977 -2008) Cotton Fundamentals
COMMODITY RISK MANAGEMENT Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国ICE 08年 12月期棉花 60美分看涨期权价格变化图 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国ICE 08年 12月期棉花 90美分看跌期权价格变化图 Cotton Fundamentals
COMMODITY RISK MANAGEMENT Cotton Fundamentals
COMMODITY RISK MANAGEMENT 期货期权的定义及概念 期货期权-----指在特定时间(交割月期), 特定地点(交易所),以特定的价格(协 定价格)买进或卖出特定期货(交易品种) 的权利。 Futures on Options-- right at specified time, specified Location(Exchange) with specified strike price to buy or sell specified underlying futures contracts. Cotton Fundamentals
COMMODITY RISK MANAGEMENT 期货期权的组成部分 • Time value (时间值) –指期权费组成部分中除真实 值的那部分价值,即期权买家愿意在期权到期之 前的时间内,希望所买期权相对应的期货价位波 动从而使其期权增值所付出的那部分时间费用 • 时间值在期权初始时为最大值,随期权到期而逐减。 • Time value – The amount of the money that option buyers are willing to pay for an option in anticipation that , in time, a change in underlying futures price will cause the option to increase in value. Cotton Fundamentals
COMMODITY RISK MANAGEMENT 期货期权的组成部分 • At-the-money option(平值期权)---指期权协 定价格等于相对应期货价时的期权。即此 时:期货价 = 协定价位 • At-the-money option: An option with a strike price equal to the current market price of the underlying futures. Cotton Fundamentals
COMMODITY RISK MANAGEMENT 期货期权的组成部分 • Out-of-the-money option(虚值期权) –指期 权无真实值。即无利期权。 看涨期权无真实值:期货价< 协定价位 看跌期权无真实值:期货价 >协定价位 Out-of-the-money option: An option that has no intrinsic value. Cotton Fundamentals
COMMODITY RISK MANAGEMENT 表 1: 期权基本术语 --------------------------------------------Call Option Put Option 看涨期权 看跌期权 --------------------------------------------实值期权 期货价 > 协定价 期货价 < 协定价 In-the-money Futures > strike Futures < strike 期货价 = 协定价 Futures = strike 虚值期权 期货价 < 协定价 Out-of-the-money Futures < strike 期货价 > 协定价 平值期权 At-the-money Cotton Fundamentals Futures > strike
COMMODITY RISK MANAGEMENT 表 5: 期货 价与期权费之间的关系 Relationship between option premium and futures price ---------------------------------------期权与之相对应期货价 下跌 上涨 ---------------------------------------看涨期权 下跌 上涨 Call option premium 看跌期权 Put option premium Cotton Fundamentals 上涨 下跌
COMMODITY RISK MANAGEMENT 表 6: 期权交易者对期货价变动的期望 Option Trader’s positions and their futures price expectation ---------------------------------------看涨期权 看跌期权 ---------------------------------------期权买家 上涨 下跌 Option Buyer 期权 卖家 Option Seller Cotton Fundamentals 不动和下跌 不动和上涨
COMMODITY RISK MANAGEMENT 表 7:CBOT 大豆期权报价实例 ------------------------------------premium ---------------------------协定价位 看涨期权 看跌期权 Strike Price Calls Puts ----------------------------SQ SU SX -------------------------------------$6. 80 130. 75 49. 25 39. 625 1. 75 40. 50 7. 125 $8. 00 37. 25 16. 25 14. 375 28. 00 127. 5 160. 875 $8. 40 22. 25 11. 25 10. 375 52. 75 162. 25 196. 50 $9. 00 10. 375 7. 00 6. 50 101. 25 217. 75 252. 50 -------------------------------------注: 2004年 7月2日CBOT 结算价(美分)。 Cotton Fundamentals 期权费(权利金)
COMMODITY RISK MANAGEMENT 基差的组成及利用 • Components of BASIS: • End User Demand • Freight Costs • Producer selling pattern in conjunction with current futures market direction • Basis is a direct reflection of all of the above combined together. Cotton Fundamentals
COMMODITY RISK MANAGEMENT Volatile World Freight Rates: Baltic Dry Index Cotton Fundamentals
COMMODITY RISK MANAGEMENT Daily Chart For Cape/Panamax/Handy 4 TC AVERAGE Values Cotton Fundamentals
COMMODITY RISK MANAGEMENT 以大豆基差为例说明基差的作用 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花供需平衡表 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 全球棉花供需平衡表 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 全球及美国棉花供需平衡表 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花播种面积 (百万英亩) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花收获面积 (百万英亩) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花单产 (磅/英亩) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花总产量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花历年进口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花国内历年消耗量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花历年出口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花历年总用量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花供需比较 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花历年结转库存比较 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花结转库存/消耗比 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 美国棉花 价格 (美元/ 包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 全球棉花总用量 比较 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 全球棉花结转库存 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 全球棉花结转库存/消耗比 Cotton Fundamentals
COMMODITY RISK MANAGEMENT 印度棉花收获面积 (百万公顷) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 印度棉花总产量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 印度棉花单产量 (公斤/公顷) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 印度棉花历年进口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 印度棉花历年出口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 中国棉花收获面积 (百万公顷) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 中国棉花单产量 (公斤/公顷) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 中国棉花历年进口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT 日本棉花历年进口量 (百万包) Cotton Fundamentals
COMMODITY RISK MANAGEMENT Chinese Cotton Acreage is Declining. . therefore Cotton Fundamentals
COMMODITY RISK MANAGEMENT Chinese Cotton Production Is Declining Cotton Fundamentals
COMMODITY RISK MANAGEMENT If Consumption Rises, While Production Falls… Cotton Fundamentals
COMMODITY RISK MANAGEMENT This Expands the Consumption/Production Gap… Cotton Fundamentals
COMMODITY RISK MANAGEMENT …Something only Filled By Increased Imports Cotton Fundamentals
COMMODITY RISK MANAGEMENT Since Chinese Demand Outpaces Chinese Production… Cotton Fundamentals
COMMODITY RISK MANAGEMENT …China is Likely to Continue Importing Large Quantities of Cotton Fundamentals
- Cotton on the roadside cotton in the ditch
- Giza cotton vs pima cotton
- Definition of risk management army
- Market risk credit risk operational risk
- Key risk indicators template
- Risk map
- Commodity management cycle
- Fundamentals of business process management
- Fundamentals of business process management
- Fundamentals of nursing pain management
- Management fundamentals 8th edition
- Examples of agency problems
- Business leadership management fundamentals
- Writing a strategy
- Quality management systems fundamentals and vocabulary
- Acq 1010 fundamentals of systems acquisition management
- Scott stukel
- Woollen textile industry
- Balloon static electricity
- Clouds that look like fluffy rounded piles of cotton
- Ashley moxey
- Classroom questioning kathleen cotton
- Jump up turn around pick a bale of cotton
- Cotton wool appearance of skull
- Rise of the cotton kingdom
- Cotton examples
- Cotton diplomacy
- Mary ann rotten
- Cotton gin
- Jubilee cotton mills v lewis
- Back rest comfort device
- Cotton gin effects
- Henry grady international cotton exposition
- Every time
- Classroom questioning kathleen cotton
- Egyptian cotton worm
- Causes of cotton wool spots
- Is cotton negatively charged
- Bci mass balance
- Lincoln log vertebra
- Eli whitney cotton gin
- Uzbekistan cotton tremr
- Eli whitney cotton gin
- Eli whitney cotton gin
- Coal spreadbetting
- Cotton bales
- Lactophenol cotton blue staining
- Law of constancy of interfacial angle
- Cotton procurement
- Clasificacion cotton myer
- Smallest unit of textile material is
- Eli whitney invents the cotton gin
- Eli whitney cotton gin
- Bccu cotton
- A small thin canadian lady
- Bonded acoustical cotton
- The smallest unit of a textile is called a fiber
- Terylene uses
- John deere 7760 cotton picker price in india
- Walking on cotton wool sensation
- Mary ann hoberman poems
- An animal feed company must produce 200 kg of a mixture
- Pile foundation in black cotton soil
- The basic unit of every cloth is
- Smallest unit of fabric
- Eli whitney
- I wish i was a dixie
- Clouds like heap of cotton
- Quantifiers with count and noncount nouns
- Collective nouns of bananas
- Bccu bci
- Cotton gin
- A cotton dirty old tie
- Subsistence farming in the amazon rainforest
- Things made with cotton