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铅合约改为小合约,有利于活跃交易量,降低投资门槛,给现货企业提供套保便利,也为投资者实现套利机会。然而,合约大小和成交量大小不能决定商品价格走势,在铅蓄电池库存高企的情况下,铅价面临反季节性下跌压力。9月2日,沪铅合约正式改为小合约,此前由于大合约的因素导致市场交易不活跃,涉铅企业参与套期保值也遭遇流动性制约。铅合约改为小合约之后,有利于降低投资门槛,增加投机交易和合约的流动性,给现货企业提供套保便利,也为投资者实现套利的机会,但是不会改变铅价的大的方向走势。从铅价走势来看,由于铅蓄电池存货高企,8月份部分企业开始停产,而上游精炼铅由于铅精矿进口攀升、副产品白银利润好转和铅价反弹,产量会在8月份和9月份集中释放,这就导致供增
Lead contracts to small contracts, is conducive to active trading volume, lower investment threshold, to provide cash hedging convenience, but also for investors to arbitrage opportunities. However, the contract size and volume can not determine the size of the commodity price movements, in the case of high lead-acid battery stocks, the price of lead is facing anti-seasonal downward pressure. On September 2, the Shanghai lead contract was formally changed into a small contract. Previously, due to large contract factors, market trading was not active, and lead-related enterprises also encountered liquidity constraints in their hedging. Lead contracts to small contracts, will help reduce the investment threshold, increase the liquidity of speculative transactions and contracts, to provide cash hedging convenience for investors, but also for investors to realize the opportunity to arbitrage, but will not change the lead price of the big direction Trend. From the lead price trend, due to the high inventory of lead-acid batteries, some enterprises began to stop production in August, while the upstream refined lead imports rose lead concentrate, silver profit margins and lead rebound, production will focus on release in August and September , Which leads to increase