The trading unit of rebar futures is 10 tons / hand, and the quotation unit is yuan / ton. We can see from the above figure that the latest price of rb1905 is 3454, which means that the quotation of a ton of rebar futures is 3504 yuan, so the quotation of a ton of rebar futures rb1905 contract is 3504*10=35040 yuan, and the minimum change price of rebar futures is 1 yuan / ton, that is, rb1905 changes by 1 yuan / ton if it rises or falls, If rb1905 contract jumps up, the price will become 3505, if it jumps down, it will become 3503. If we make rb1905 contract of rebar futures with one more hand at the price of 3504, and now the price rises to 3510, how much money can we make? We know that the quotation is based on yuan / ton, from 3504 to 3510, that is, a ton rises by 6 yuan, while the trading unit of rebar futures is 10 tons / hand, then we make 6*10=60 yuan, If you go long, you will make money. If you go down, you will lose money. The calculation method is the same. Similarly, if you go short, you will make money and if you go up, you will lose money.

The change of futures contract price is limited by the range of price limit. The range of price limit of rebar futures is ± 7% of the settlement price of the previous trading day. From the opening of the figure below, we can see that the settlement price of rb1905 on the previous trading day is 3459, so we can calculate that the price limit of rb1905 is 3459* (1+7%) =3701, and the price limit of rb1905 is 3459* (1-7%) =3216. Let's calculate, If we do rb1905 at the price of 3504 and the market rises by the limit, how much money can we make, (3701-3504) *10=1970 yuan? If we short rb1905 at the price of 3504 and the market falls by the limit, how much money can we make, (3504-3216) *10=2880 yuan.

The trading hours of rebar futures are: 9:00 ~ 10:15 a.m., 10:30 ~ 11:30 p.m., 1:30 ~ 3:00 p.m., and 21:00-23:00 p.m. rebar futures are traded at night, but not every variety with night trading has the same trading time.

Let's take a look at the trading day after the establishment of the futures system of rebar futures contracts: the 15th of the contract month (postponed in case of legal holidays, and the exchange can adjust and notify the last trading day such as the Spring Festival month). Here is a trading rule for you. Futures customers are divided into natural person customers and legal person customers. Natural person customers cannot enter the delivery month. The last trading day here is for legal person customers, Natural person customers cannot enter the delivery month, and they need to close their positions on the last trading day of the month before the contract delivery month. Take rb1905 for example, natural person customers cannot enter may, and they must close their positions on the last trading day of April.

Final delivery date: on the fifth trading day after the last trading day, we said earlier that there is a delivery system for futures, and delivery is required to complete the ultimate mission of a futures contract. From the time of delivery date, it is obvious that only corporate customers are qualified to deliver. If you see the previous saying that futures are finally to be delivered, is it necessary to deliver trading futures? I don't want to deliver, OK? The answer has already told you, If you are a natural person client, you can't deliver if you want to. If you are a legal person client, whether you want to deliver depends on your own needs. In fact, 95% of the trading volume of futures software companies is completed through hedging and closing positions, and only a small number of clients need delivery before delivery.

The delivery method of rebar futures is physical delivery, and the futures exchange will have requirements on the delivery grade of rebar, so I won't say much about the delivery grade.

★ how to control the position ★.

According to the risk management measures of the exchange, when the commodity futures contract listed on the exchange has no continuous quotation on the rise and fall limit for three consecutive trading days, the exchange can decide and announce after the closing of the third trading day to implement one or more measures to resolve the market risk of the contract. Therefore, it is assumed that a futures contract has an extreme market of three consecutive fall / rise limits, and the price changes in the direction unfavorable to the trader, Traders do not want to be forced to close positions because of insufficient margin. How should they manage account funds.

We suggest that traders operate with light positions during trading, especially in extreme markets with violent market fluctuations, and try to control the position funds below 30% to avoid the risk of hedging or strong leveling. In addition, traders should always pay attention to the dynamic changes of the risk rate, such as the risk rate exceeds 80%, and the risk of hedging, strong leveling and short selling increases.