In this paper, based on aluminum, we study the inter-relationship between the commodity futures price and the stock price of the listed company in the supply chain upstream and downstream.
本文以金属铝为例来研究商品期货价格与处于该商品期货供应链上下游的上市公司股价的内在关系。
Futures contracts involve the formal obligation to sell or buy a given amount of a commodity at a specified time and price.
期货合约涉及在指定时间和以指定价格，出售或购买一定数量商品的义务。
The difference between the cash price and the futures price of a commodity.
指某一商品的现货价格与期货价格之间的价差。
Crude oil Futures trading has always been of tremendous interest to speculators who hope to profit from the ever changing price of this commodity.
投资者向来十分关注原油期货交易，力图从这个商品不断变化的价格中获利。
Purchase of futures against the fixed price forward sale of a cash commodity.
为了确保将来能以固定价格卖出现货商品而买入期货合约。
Hedging a cash market position in a futures contract for a different but price-related commodity.
利用品种不同但价格相关性强的期货合约为现货市场的头寸进行套期保值。
Futures contracts are a promise between two parties to exchange a commodity at a specified time and place in the future for a stated price.
期货合约是交易双方就在未来确定的时间和地点，按确定的价格交换某种商品的一种承诺。
Zhengzhou Commodity Exchange is the first of its kind set up in China, with its futures products, such as Zhengzhou sugar etc., as the one of the core price indexes in international market.
郑州商品交易所，是中国第一家成立的商品交易所，其期货产品如郑州白糖等，是国际市场核心价格指导价之一。
Cross-Hedge means hedging a cash market position in a futures contract for a different but price-related commodity.
交叉避险利用品种不同但价格相关性强的期货合约为现货市场的头寸进行套期保值。
For buying and selling foreign currencies, marketable securities, non-commodity futures and other financial goods, the turnover shall be the balance of the selling price less the buying price.
外汇、有价证券、非货物期货和其他金融商品买卖业务，以卖出价扣除买入价后的余额为计税营业额。
The conclusion: 1. The futures market has the function of price discovery, whether cross commodity arbitraging or the same industry cross commodity arbitraging, there are chances for arbitrage; 2.
结论就是：1。无论利用跨商品套利模型还是产业链跨商品套利模型都存在着套利机会，并能获得比较客观的收益，说明期货市场具有价格发现功能；
But if the futures markets do not converge with cash markets, there is little information on what real price levels should be, either for producers or consumers of the commodity in question.
但如果期货市场不与现货市场重叠，那么对于相关商品的生产者及消费者而言，反映现货真实价格的信息就会很少。
But if the futures markets do not converge with cash markets, there is little information on what real price levels should be, either for producers or consumers of the commodity in question.
但如果期货市场不与现货市场重叠，那么对于相关商品的生产者及消费者而言，反映现货真实价格的信息就会很少。
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