Launch futures commodity composite index in the medium term

Introduction: after the national day, China International Futures brokerage company officially launched the mid-term comprehensive index of futures commodities, which includes all varieties currently listed on domestic futures exchanges, and is expected to become the wind vane for the development of China's futures market The deputy general manager of the trading and Settlement Department of the medium-term company promised that the reason why the company wanted to launch the medium-term futures commodity composite index was that the Chinese futures market had developed and expanded after 17 years of theoretical discussion in 1987 However, how to find the price trajectory of the futures market is difficult to describe in simple language The medium-term companies, which stand at the forefront of the development of China's futures market, should answer this question Therefore, based on the characteristics of the domestic futures market and the compilation method of CRB index in the United States, the medium-term company has compiled a comprehensive index of futures commodities that depicts the whole picture of China's futures market, hoping that the index can witness the growth of China's futures market It is understood that the medium-term futures commodity composite index takes February 1, 2004 as the base period, and the base period index is defined as 1000 points This is because, in February 2004, the State Council issued several opinions on promoting the reform, opening up and stable development of the capital market Before that, China's futures market has been in the pilot stage Several opinions established the important position of the futures market in China's socialist market economy, and the development of the futures market has stepped into the normal track As for the composition of medium-term futures commodity composite index, it includes all the varieties listed in domestic futures exchanges at present, including: copper, aluminum, natural rubber and fuel oil of Shanghai Futures Exchange; yellow soybean No.1, soybean meal and corn of Dalian Commodity Exchange; strong wheat, hard wheat and cotton of Zhengzhou Commodity Exchange In the future, with the introduction of new varieties, the medium-term futures commodity composite index will continue to enrich to comprehensively reflect the price trajectory of China's futures market Promise also introduced that the medium-term futures commodity composite index has three characteristics: 1 Objectivity In the process of index compilation, the design of comprehensive quotation for a certain variety not only considers the representativeness of main contracts, but also the universality of all contracts Instead of the "active tool" - trading volume, it adopts the "passive tool" - position as the weight, so as to avoid the subjectivity brought by giving a specific weight to a single variety and ensure the objective of basic data Observability 2 Universality As the "big market index" of China's futures market, the mid-term futures commodity composite index not only includes all the listed futures, but also calculates the comprehensive quotation of the new varieties on the day of listing In case of delisting of the futures varieties, the mid-term futures commodity composite index can also be removed in time 3 Applicability In the process of index compilation, the principles and rules of international market index compilation are comprehensively used for reference, and the open information of China futures market is used as data to ensure the fairness, objectivity and applicability of index Finally, promise said that the application scope of the medium-term futures commodity composite index mainly includes three aspects: 1 Reference basis for investors to make single variety trading decisions; 2 Measurement standard for China's macro management department to master and analyze the whole picture of China's futures market; 3 Intuitive mathematical basis for theoretical research units to evaluate the futures market Data link: CRB index (Commodity Research Bureau Index) is an index based on a basket of commodities to reflect the fluctuation of commodity prices in the United States The advantage of CRB index is that the index gives equal weight to each component commodity, so the reverse change of a commodity price will not lead to an abnormally large change in CRB index value At the same time, CRB index uses contract extension and geometric average technology to calculate the index value, which plays a stabilizing role in the fluctuation of index price, thus creating a relatively smooth price trend The resulting contracts allow investors to speculate or hedge based on the price movements of raw materials, while ensuring that no commodity type has too much weight The latest commodity composition of CRB index is: mineral products: copper, lead, iron, zinc, tinplate Textiles and fabrics: cotton, dyed fabrics, wool Livestock and animal products: hides, pigs, lard, tallow Fat and edible oil: butter, soybean oil, lard, tallow Industrial raw materials: lard, shea butter, copper, lead, iron, zinc, cotton, dyed cloth, wool, rubber Food: pig, lard, butter, soybean oil, cocoa, corn, wheat, sugar.