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In NYMEX branches, futures and options contracts traded by public bidding include crude oil, gasoline, fuel oil, natural gas and electricity, as well as coal, propane and palladium futures contracts. The exchange's European Brent crude oil and gasoline are also traded by public bidding. E-miNY energy futures, some light and low sulfur crude oil and natural gas futures contracts are also listed on the exchange, which provides an effective means for small investors and businessmen to participate in the energy market. The contract is through GLOBEX of Chicago Mercantile Exchange? Trading electronic trading system, clearing through the clearing house of new york Commercial Futures Exchange.
COMEX is listed on futures and options contracts of gold, silver, copper and aluminum.
During the 18 hours when the trading place is closed, you can access the energy and metal contracts of NYMEX and COMEX through NYMEX ACCESS? Electronic trading system for trading, so that participants from Japan, Singapore, Hong Kong, London and Switzerland can actively participate in the energy and metal futures market during normal working hours.
The integrity of the market is guaranteed by the market, trading and financial supervision system. As the ultimate transaction object of each transaction, the clearing house plays the role of buyer when facing the seller, and plays the role of seller when facing the buyer. Through the margin system of the clearing house, the credit risk of both parties is reduced when market participants trade on the exchange.
Light low sulfur crude oil
Crude oil is the most active commodity in the world. The light and low sulfur crude oil futures contract launched by NYMEX is the most liquid crude oil trading platform at present, and it is also one of the largest commodity futures varieties in the world. Its good liquidity and transparent price make the contract price become the benchmark price of global crude oil pricing. In addition, the Exchange also launched a series of other products for risk control and trading opportunities: option trading, option spread trading, refining margin option trading between heating oil and crude oil, refining margin option trading between gasoline and crude oil and average price option trading. The trading unit of light and low sulfur crude oil futures contract is each lot 1000 barrels, and the delivery places are Cushing and Oklahoma. Crude oil can be transported by pipeline to the global spot market. The delivery quality is set to several grades of domestic and international crude oil to meet the different needs of the spot market.
natural gas
Natural gas accounts for almost a quarter of energy consumption in the United States, and the natural gas futures contract price of NYMEX is widely used as the benchmark price of natural gas. The trading unit of the contract is per lot 10000MMBtu (million British thermal units). The delivery place is Henry Hub in Louisiana, which is connected with 16 interstate natural gas pipeline system for transporting natural gas in sediments in these areas. These pipeline transportation systems cross the east coast of the United States, the Gulf of Mexico and the Midwest to reach the Canadian border. At the same time, the exchange also introduced option trading and option spread trading as risk management tools. The price difference between natural gas futures price and electricity futures price can also be used as a tool for price risk management in electricity market. Due to the fluctuation of natural gas price, the market needs to develop the price relationship between Henry Hub and the imported natural gas markets in the United States and Canada. Therefore, the exchange launched a series of swap futures contracts to cope with the price difference between Henry Hub and about 30 natural gas price centers.
On NYMEX's ClearPorts trading platform, the contract trading unit is 2,500 mmBtu per lot. At the same time, there are over-the-counter transactions, which need to be submitted to the exchange. They can be cleared through NYMEX's ClearPort clearing website, cleared through physical delivery, and converted into future positions. E-miNY natural gas futures contract is a combination design, with phasor of 5000mmBtu natural gas, accounting for about 50% of the standard natural gas futures contract. The contract can be traded through the GLOBEX electronic trading platform of CME (Chicago Mercantile Exchange) and cleared by the clearing institution in the New York Mercantile Exchange.
Civil fuel oil
Heating oil, namely No.2 fuel oil, has a yield of 25%, which is the second largest refined oil after gasoline. The trading unit of heating oil futures contract is 42,000 gallons per lot (1000 barrels), and the delivery place is new york Port, the financial center of the United States. At the same time, the exchange also introduced options trading, options spread trading, refined margin options trading and average price options trading, which provided greater flexibility for market participants to manage price risks. The heating oil futures contract can also be used as a hedging tool for diesel oil and jet fuel, and the delivery method is cash delivery, that is, the heating oil futures price premium delivery in NYMEX. Through the ClearPort system of NYMEX, heating oil swap futures trading based on refining gross profit, regional price difference and the price difference between new york Port heating oil and aviation fuel and diesel oil can also be completed. These transactions are over-the-counter transactions and are cleared through the clearing website of NYMEX ClearPort.
Brent crude oil
Brent crude oil, a light and low-sulfur crude oil produced in Beihai, is also a benchmark quality and widely traded, which is different from the the New York Mercantile Exchange light and low-sulfur crude oil futures contract. Brent crude oil has a daily output of about 500,000 barrels and its origin is Sullom Voe, shetland islands. It is mainly processed and refined in northern Europe, and a small part is processed in the northern east coast of China and the Mediterranean region. Most of these producers still trade in a non-standardized spot way.
In order to improve the effectiveness, liquidity and cost control of the spread trading between Brent crude oil and WTI crude oil, NYMEX set up a public quotation for Brent crude oil futures trading in Dublin trading hall, and traded on NYMEX ACCESS electronic system platform in the rest of the time. The public bidding time is from 10 to 7: 30 pm Dublin time, and the electronic trading time of NYMEX access system is from 8: 00 pm15 to 9:30 am Dublin time.
While improving the practicability of Brent crude oil futures contracts, the Exchange has launched trading platforms of automatic quotation, price report and price difference between Brent crude oil and WTI crude oil, respectively clearing Brent crude oil and light low-sulfur crude oil of NYMEX, which is an important development of the market, because arbitrage transactions in two different markets can be completed through this platform, and it will gradually become a liquid market with transparent price, competitive trading and simple operation.
The exchange believes that arbitrage trading is a kind of transaction, which allows operators to make full use of margin and effectively reduce transaction costs. When long positions offset short positions, the exchange thinks that arbitrage reduces market risk, especially the arbitrage of Brent crude oil futures and WTI crude oil, because these two futures contracts have good correlation, and the exchange provides 95% margin credit for one-to-one Brent /WTI arbitrage trading. The exchange also provided a cost control scheme for Brent crude oil futures contracts, which reduced a lot of operating expenses for market participants. Please click here for details.
Brent crude oil futures contracts are settled in cash, with market data collected by Isilor, Argus and Reuters in Dublin as the index. Brent crude oil futures trading is cleared by the special clearing institution of the exchange, which ensures the safety of funds, among which neutrality, liquidity and market transparency have become the characteristics of NYMEX.
diesel engine
Diesel futures contracts in Central and Western Europe are the benchmark prices in European markets for refined oil, primary distillate oil, heating oil and jet fuel. The settlement price is based on the settlement price on the last trading day of the spot monthly contract in the delivery month. In Europe, the contract size of 65,438+000 metric tons only represents the general market size, and the contract can be delivered in kind to ensure that the spot price and futures price are consistent when the transaction is terminated. Public bidding is conducted through the European trading platform in the New York Mercantile Exchange, and at other times through the electronic trading system in the New York Mercantile Exchange. NYMEX ACCESS trading system is an internet system. All positions are summarized by SPAN system and classified according to risk assessment. Hedging position margin offset can reduce the margin burden.
Electric power futures
PJM Networks dominates the world's largest electricity market, serving 44 million customers including Delaware, Illinois, Kentucky, Maryland, Michigan, New Jersey, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and Washington State. These energy companies operate more than 65,438+0,000 power stations with a production capacity of 65,438+0,370 MW, powered by natural gas, oil, coal, nuclear energy and water conservancy. Power generation and transmission networks are spread all over the Midwest, new york and mid-Atlantic states.
In recent years, the reform of electric power industry has made the energy market undergo structural adjustment, thus improving market competitiveness and providing market opportunities, but it has also caused price fluctuations and market risks. Electricity futures have been introduced into the futures market. A successful futures market must meet three conditions: the price fluctuates greatly and the market is huge, which can accommodate a large number of buyers and sellers; Can be replaced by physical objects.
PJM West Network Center consists of11transportation points, mainly the transportation systems of Pennsylvania Electric Power Company and Bo Tokel River Electric Power Company. In addition, option trading of PJM futures contract is introduced as an additional risk control means and trading opportunity.
The floating price on the peak trading day is the weighted average of the local marginal price during the peak trading day of PJM Western Network Center 16, and the peak trading time is from 7: 00 am to afternoon of PJM local time 1 1. The peak days are from Sunday to Friday, excluding holidays of NERC.
Off-peak hours are from midnight to 7: 00 a.m. from Monday to Friday, 165438+ 0: 00 p.m. to midnight, including the whole Saturday and Sunday and the holidays of North American Electric Power Association. All times are consistent with local time. Local marginal price refers to the marginal cost of increasing supply for every additional unit demand in a certain place in the network. The transportation system needs to consider the marginal cost and the actual situation.
Futures contracts can be traded on NYMEX's ClearPort electronic trading platform, and OTC contracts can be settled separately. Option trading time is in the public bidding period, and the transaction can be submitted separately to the ClearPort electronic trading system of NYMEX for settlement.
propane
Propane is a by-product of natural gas treatment and petroleum refining. The demand in the United States is about one third of that of heating oil. Propane can be used in different markets: kitchen fuel, crop drying, furniture or industrial heating, and the production of important petrochemical products. Natural gas users reserve methane to cope with the peak gas consumption. The New York Mercantile Exchange launched a methane futures contract with a trading unit of 42,000 gallons (65,438+0,000 barrels) per lot. This provides an effective price risk management tool for liquefied gas industry. This is an important supplement for NYMEX to launch crude oil, heating oil, gasoline and natural gas futures contracts.
coal
Coal is the basic fuel necessary for power generation in the United States, accounting for 55% of electricity production. The United States has higher quality coal than other countries, accounting for about 30% of the global leaching coal and anthracite reserves. The United States is one of the countries with the highest coal production in the world, and its exports account for a large proportion of the world's exports. The trading unit of coal futures contracts is each lot 1550 tons. It trades 24 hours a day in ClearPort electronic trading system in the New York Mercantile Exchange. Over-the-counter transactions can also be settled through the settlement website in the New York Mercantile Exchange ClearPort system. Coal futures contracts provide a risk management tool for coal mines and power generation industries.
golden
Perhaps no market in the world is as attractive as the gold market. For hundreds of years, gold has been coveted for its unique characteristics of scarcity, beauty and near immortality. The national wealth reserve is to collect and store gold, which is an international hard currency. Individuals own gold to preserve value and can exchange paper money at any time.
The New York Mercantile Exchange's gold futures and options trading provides an important investment channel for the market. Gold futures contracts are also important trading tools for commercial producers and metal consumers. Gold is widely distributed: it exists in copper and lead ores, timely ores, river gravels and sulfide ores (iron sulfide). Seawater also has amazing gold content, but it is uneconomical to collect gold from seawater.
The earliest gold fever appeared after Columbus's first voyage. From 1492 to 1600, the central and southern United States and the Caribbean accounted for most of the global gold transactions. Colombia, Peru, Ecuador, Panama and Haiti accounted for 17% of the newly discovered gold in the world in the 7th century, and their supply reached 80% in the 8th century.
Gold in California was discovered in 1848. From 1850 to 1875, the northern part of the United States has become the main gold supplier in the world, more than it was discovered 350 years ago. 1890, gold mines in Alaska and Yukon became the main suppliers, and soon, the gold reserves discovered in Transvaal, Africa exceeded those in these areas. At present, the major gold producers include South Africa, the United States, Australia, Canada, China, Indonesia and Russia.
The United States gave gold as the official currency for the first time in 1792. The National Congress established the national gold standard for currency circulation, including gold and silver. 1930 during the great depression, most countries were forced to suspend the circulation of gold in an attempt to stabilize their economies. Gold re-entered the global monetary system in 1944, when the Bretton Woods agreement determined that the global currency was linked to the US dollar, and the US dollar was linked to gold. This agreement was implemented until 197 1, and US President Nixon abolished the dollar-gold peg system. Today, the fluctuation of gold price is consistent with the change of supply and demand, and political and economic events will soon be reflected in the fluctuation of gold price.
Gold is an important industrial commodity. Gold is an excellent conductor with strong corrosion resistance and very stable chemical properties, which can be made into high-tech products such as precision electronics.
Representative companies in the gold industry, from mining companies to product production companies, can use COMEX's gold futures and options to hedge and avoid risks. In addition, gold futures and options, as traditional investment varieties, can play a very good investment role.
silver
People have been interested in silver for thousands of years. In ancient times, silver was abundant or close to the surface of the earth. Cultural relics unearthed in ancient times, including jewelry, religious utensils and utensils, are all made of durable and malleable metallic silver.
From 65438 to 0792, silver was once the main embodiment of American currency, and the currency circulation in the US Congress was based on silver and linked to fixed gold. Silver was used as national mint until 1965. After a hundred years of evolution, silver has been endowed with more important economic functions and is an important industrial raw material. Today, silver has become a valuable industrial commodity and an attractive investment variety. Silver is mainly used in photography, jewelry and electronics.
The main sources of information are supply and demand, Mexico, the United States and Peru and other major silver producing countries. Secondly, the sources of information include coinage, waste refining, and the sale of stocks by the state. The price of silver is sensitive to the second kind of news.
Mining companies, producers and silver consumers can use COMEX's silver futures and options to hedge and avoid risks. As a precious metal, silver is also a good investment variety.
copper
Copper is one of the earliest known daily necessities with abundant output, which directly reflects the world economic situation. Copper is the third most widely used metal in the world, second only to iron and aluminum, and is mainly used in highly recycled industries, such as construction and machinery manufacturing. The profit of copper mines mainly depends on low-cost and high-yield mining technology, and those copper mines controlled by government plans are very sensitive to the political situation. Thus, copper has established a commodity with commercial value.
/kloc-in the middle of 0/800, Britain controlled more than three-quarters of the world's copper trade with its excellent smelting technology. When the ore grade drops, smelters and refineries become more economical near the mining area, and the products are directly transported to the market for sale. /kloc-in the 0/9th century, major copper mines were discovered in North America, Chile and Australia, and Britain's super position was challenged. At the beginning of the 20th century, with the application of new mining and smelting technologies, the processing of low-grade ores in the United States was developed, which led to the rapid expansion of the global copper market. Since 1950, the copper market, which is often in the premium period, has entered the long-term premium period.
Participants in the copper market can avoid price risk by using COMEX advanced copper futures and options trading, and copper futures contracts are also a good investment variety.
aluminium (Al)
Aluminum is a symbol of economy in 2 1 century, and it is a light and corrosion-resistant metal, which is widely distributed. Widely used in aerospace, such as building materials, packaging, automobiles, railways and other thousands of fields.
Transportation is the largest single consumption field, accounting for 30% of aluminum production in the United States, 20% of packaging and aluminum containers, and 65,438+00% of construction. High voltage transmission lines from one end of this country to the other are usually made of aluminum.
Today, waste aluminum is easy to be used. In the United States, the recycling of aluminum cans can generate 1 100 million US dollars of market trade. In fact, at present, two-thirds of aluminum beverage containers in the United States are recycled. It only takes 60 days for a can to enter the recycling cabinet, refine, manufacture and return to the shelf. The production of aluminum mainly depends on strong and uninterrupted power supply, and power is the most important cost.
COMEX's aluminum futures and options contracts provide US aluminum producers and exporters with a transparent price of $3.5 billion per year. Price risk runs through all production links from aluminum smelting to end products, so the control of price risk is very important. COMEX aluminum futures and options provide the market with a risk management tool for price fluctuation. COMEX futures price is the benchmark price in the North American market. With futures contracts, aluminum buyers can lock in costs in advance and aluminum sellers can lock in sales prices. The delivery of futures contracts is based on the Midwest market of the United States.
platinum
Platinum is the most important of the six metal groups, and the other metals are palladium, rhodium, ruthenium, osmium and iridium. They all have unique chemical and physical characteristics, which make them important industrial raw materials. Jewelry is the largest demand for platinum, accounting for 565,438+0% of platinum consumption, 29% of propellant catalysts and 65,438+03% of chemical and petroleum refining catalysts.
Because platinum is an excellent conductor with corrosion resistance and lower reactivity than other metals, it is used in high-tech electronic fields such as computers, accounting for about 7% of platinum consumption.
Platinum is a rare metal, and the total amount of new minerals in a year is only about 5 million ounces. In sharp contrast, the annual output of gold mines reaches 82 million ounces. The annual output of silver is about 547 million ounces.
The supply of platinum is mainly concentrated in South Africa, accounting for about 80%, Russia accounts for 1 1%, and North America accounts for 6%. Platinum is a very attractive investment product, because it is a precious metal of industrial raw materials, with relatively low output, scarce supply and large price fluctuation.
Palladium-platinum alloy
Palladium-platinum alloy is another major variety in the platinum family. It is a raw ore containing platinum, which has many similarities with platinum, but the two metals are still very different. Palladium-platinum alloy is also a by-product of nickel ore. Russia accounts for 67% of the global supply, South Africa accounts for 23% and North America accounts for 8%. The annual output is about 865,438+million ounces.
Automobile catalyst is the largest consumption field of Pd-Pt alloy, accounting for 63%, electronic instruments accounting for 2 1%, dentures accounting for 12% and jewelry accounting for 4%.