耕地征用-棉花-郑州商品交易所.PPTVIP

* Mill Hedge Example工厂套期保值示例Assumptions假设 Mill is hedging cotton for Dec/January delivery 工厂正为12月和1月交付的棉花实施套期保值 Cash/futures basis is 10 cents 现金/期货基差为10美分 Buy Cotton 20/08/10购买棉花08/20/2010 Fix price basis futures 84 cents固定价格期货基差84美分 Basis 10 cents on 基差10美分 Total cost 94 cents 总成本94美分 * Protect with Put Option带看跌期权保护 Cotton cost 94 cents 棉花成本为94美分 84 cents futures + 10 cents on 84美分期货+10美分 Buy 84 cent put option 购买84美分看跌期权 Cost of option 3.92 cents 期权成本为3.92 美分 Maximum cost 97.92 cents 最高成本97.92美分 * Futures Price goes to 110期货价格至110 Maximum Price is already fixed 最高价已定 Cost of cot