The first part is an overview of hedging.

Futures trading developed on the basis of spot trading and forward trading. Early futures commodities were mainly agricultural products, such as wheat, corn and soybeans. Their main feature is the seasonality of production. It takes a long time and link from production to sales, during which commodity prices may fluctuate greatly, bringing price risks to producers and consumers. It is to avoid this risk that futures trading is needed, and the original intention of establishing futures market is to preserve value. In spot trading, the exchange is in kind, while in futures trading, the exchange is a futures contract representing the ownership relationship of a certain commodity. Physical object is a proof of the ownership of goods. Because futures contracts can be settled in the delivery month, commodity prices and spot prices should converge when physical delivery is finally realized.

I. Composition of futures prices

Futures prices are generally composed of four parts: commodity cost, futures transaction cost, futures commodity circulation cost and expected profit. Their source, quantity and composition are different, and their influence is also different.

(A) the cost of commodity production

The cost of commodity production refers to the sum of material support and remuneration given to workers when producing commodities. Futures trading deals with the buying and selling of future commodities. When the futures contract is concluded, these futures commodities may not have been formed or just entered the production process. During the period stipulated in the futures contract, there are some differences between the production cost of these futures commodities and the production cost of the commodities already produced. Generally speaking, production cost is the lowest economic limit of commodity futures price. If the price of commodity futures is lower than the production cost, producers will be unwilling to produce and sell these commodities, and futures trading will lose its realistic support and cannot be carried out. Therefore, the production cost is usually proportional to the futures price, and the production cost is the most basic factor to determine the futures price of various commodities.

(B) Futures transaction costs

Futures trading costs are the expenses that traders must pay in the process of futures trading, mainly including commissions, trading fees and margin interest.

1, commission and transaction fee

Commission is the remuneration paid by futures traders to futures brokerage companies. The transaction fee is the futures transaction fee paid by the futures broker to the exchange through the futures brokerage company. No matter whether futures trading is profit or loss, traders must pay commissions and transaction fees according to the prescribed standards.

2, the cost of capital

In futures trading, traders do not need to pay all the money of futures contracts, but only need to pay a certain margin to the futures brokerage company or futures exchange, usually 5%~ 10% of the total futures, but they must be ready to add margin according to unfavorable price changes at any time to make up for the losses in trading. The cost of capital is the interest that should be paid for the delivery of margin (including additional margin) from the beginning to the end of futures trading. It is a kind of capital use cost, calculated at the bank interest rate. The cost of capital is directly proportional to the volume of futures trading and the holding time of futures contracts. As a necessary cost of futures trading, capital cost should be compensated and become one of the factors of futures price. However, as the margin itself, it is not an integral part of the futures price, and its size will not affect the determined futures contract price.

(3) Circulation expenses of futures commodities

In the futures market, most futures transactions are completed through hedging and liquidation, which is generally not directly related to the circulation fee of commodities. However, there is always a part of commodity futures trading around physical objects, generally around 3%. This part of the futures contract expires for physical delivery, and its existence and occurrence will inevitably cost commodity circulation expenses. In fact, the cost of circulation has a certain impact on commodity prices. Futures commodity circulation costs include commodity transportation and miscellaneous fees and commodity storage fees.

1, freight and miscellaneous charges for goods

The futures exchange stipulates that the buyer must deliver the goods to the designated delivery warehouse before the due futures and the pre-delivery date, so that the buyer can receive the real goods as scheduled. Commodity transportation and miscellaneous expenses include freight, loading and unloading freight, miscellaneous expenses and other expenses. The existence of commodity freight and miscellaneous fees makes the futures price of the same commodity differ in different regional exchanges.

2. Commodity storage fee

During the period from the beginning of futures trading to physical delivery, in order to maintain the prosperous period of goods, a series of expenses such as warehouse rental fee, inspection management fee, insurance premium and normal loss of goods should be paid. These costs must be reflected and compensated in the price of commodity futures. Under different practical conditions, there are great differences in the impact of commodity storage fees on futures prices, and futures traders must study the changes of these differences in order to formulate correct trading strategies.

(4) Expected profit

The profit or loss of a trader is the difference between the contract opening price and the contract closing price in the futures market, or the difference between the contract opening price and the spot price in physical delivery. Whether hedgers or speculators, the purpose of engaging in futures trading is to obtain certain economic benefits. Therefore, expected profit is an important part of futures trading. Theoretically, the expected profit of futures trading includes two parts: one is the average social investment profit, and the other is the risk profit of futures trading. It should be pointed out that the expected profit in futures trading is not evenly distributed among various futures prices or futures prices at different times. For every trader, whether he can get expected profit or excess profit mainly depends on his market judgment ability and operation skills.

Second, forward market and reverse market.

There are two basic relationships between the spot price and the futures price of the same commodity. In general, the futures price is higher than the spot price (or the recent monthly contract price is lower than the forward monthly contract price), which is called the forward market; Under special circumstances, the spot price is higher than the futures price (or the recent monthly contract price is higher than the forward monthly contract price), which becomes a reverse market.

Third, the concept of hedging.

Hedging refers to futures trading for the purpose of avoiding spot price risk. One of the basic economic functions of the futures market is to avoid price risks, and the means to achieve this goal is hedging. Traditional hedging means that producers and operators will sell a certain amount of spot when buying in the spot market, and at the same time, they will sell or buy futures commodities (futures contracts) with the same variety and quantity but in the opposite direction in the futures market, so as to make up for the losses in another market with the profits in one market and avoid the risk of price fluctuation.

Economic activities are always risky. For example, in agricultural production, natural disasters will reduce crop production and affect the walking of planting. At the same time, the reduction of crop production has changed the relationship between supply and demand, making grain processors pay higher prices when buying agricultural products such as wheat and soybeans, which will directly affect the prices of consumer goods such as grain, grain and oil, meat, poultry and eggs in the local market. For the manufacturing industry, the decrease in the supply of crude oil, fuel and other raw materials will cause a series of finished product prices to rise. For banks and other financial institutions, the rise in interest rates will definitely affect the level of interest paid by financial institutions to attract deposits. Therefore, all economic sectors, including agriculture, manufacturing, commerce and finance, are faced with price fluctuations in different degrees, that is, price risk, and the correct use of hedging transactions in the futures market can greatly reduce these adverse consequences caused by price changes.

Fourth, the concept of hedging.

Hedgers refer to those manufacturers, institutions and individuals who use the futures market as a place for price risk transfer and futures contracts as a temporary substitute for buying and selling goods in the spot market in the future, and sell them after they have bought (or have already bought, or will have in the future) or hedge the prices of goods that need to be bought in the future.

Most of these hedgers are manufacturers, processors, retailers, traders and financial institutions. Their original motivation is to seek price protection through the futures market, so as to eliminate the price risk of spot trading that they are unwilling to bear as much as possible, so as to concentrate on the production and operation of their own industry and obtain normal production and operation profits.

Because of the nature of hedgers, they have the following characteristics: avoiding price risk, with the aim of offsetting the value by using the profit and loss of futures and spot; Large scale of operation; The position direction is relatively stable and the residence time is long.

Hedgers hedge in the futures market in order to avoid the risks brought by spot price fluctuations, so there will be no futures market without the participation of hedgers.

First, for enterprises, hedging is to lock in production costs and product profits, which is conducive to stable production and operation of enterprises in market price fluctuations.

Second, the establishment of the futures market is out of the need to preserve value. Because the futures market is based on spot trading to a certain extent, the hedger is the operator of the spot market on the one hand and the trader of the futures market on the other. This dual identity determines that if there are not enough hedgers to participate in futures market transactions, the futures market will have no value. On the other hand, only a considerable number of hedgers participate in the futures market transactions, can they buy in large quantities, can they promote fair competition, and are conducive to the formation of authoritative prices with corresponding material basis and give play to the price discovery function of the futures market.

Therefore, hedgers are the main body of futures market and play an important role in the normal operation of futures market.

Verb (abbreviation of verb) hedging principle

Hedging can avoid price risk, because the futures market has the following basic economic principles:

(a) the futures price trend and spot price trend of the same commodity have been

Although the spot market and the futures market are two independent markets, because a specific futures price and spot price are influenced and restricted by the same economic factors in the same market environment, the price changes in the two markets are generally the same. Hedging is to use the price relationship between the two markets to trade in opposite directions in the futures market and the spot market, so as to achieve the result of making profits in one market and losing money in the other market, so as to achieve the purpose of locking in production costs.

(b) As the expiration date of futures contracts approaches, the prices of spot market and futures market tend to be consistent.

The delivery system of futures trading ensures that the prices of spot market and futures market tend to be the same as the expiration date of futures contracts approaches, and futures trading stipulates that physical delivery must be carried out when contracts expire. At the time of delivery, if the futures price is different from the spot price, such as the futures price is higher than the spot price, there will be arbitrageurs who buy cash at a low price, sell futures at a high price, and then sell them at a low price in the spot futures market, and then realize risk-free profit. This arbitrage transaction eventually leads to the convergence of futures prices and spot prices.

It is the above economic principles that enable hedging to reduce the price risk for commodity producers and operators and ensure the stability of production, processing and operation activities.

Operating principles of intransitive verb hedging

(A) the principle of similar goods

The principle of the same commodity type means that when hedging, the selected futures commodities must be the same as the spot commodities that the hedger will buy or sell in the futures market. Only when the commodity types are the same, it is possible to form a close relationship between the futures price and the spot price, and keep the same price trend, so as to achieve the effect of taking reverse trading actions in both markets at the same time or before and after.

When doing hedging transactions, we must follow the principle of similar commodities, otherwise, hedging transactions will not only avoid price risks, but will increase the risk of price fluctuations. Of course, due to the particularity of futures commodities, not all commodities can enter the futures market and become futures commodities. This brings some difficulties to hedging transactions. In order to solve this problem, in the practice of futures trading, the practice of "cross hedging trading" is introduced. The so-called cross-hedging means that when the hedger hedges the spot commodity that he will buy or sell in the spot market, if there is no corresponding futures contract available for the commodity, he can choose another related commodity futures contract that is different from the fresh commodity but has the same price trend. Generally speaking, it is best to choose futures commodities as substitutes for spot commodities. The stronger the mutual substitution of the two commodities, the better the effect of hedging transactions.

Principle of equal quantity of goods

The principle of equal number of commodities means that the number of commodities included in the selected futures contract must be equal to the number of commodities that traders will buy or sell in the spot market when hedging transactions. The reason why hedging transactions must adhere to the principle of equal quantity of goods is because only by keeping the quantity of goods bought and sold in two markets equal can the profit of one market be equal to or the closest to the loss of the other market.

(3) the principle of the same or similar month

The principle of the same month or similar month means that the delivery month of the selected futures contract should be the same as or similar to the time when traders actually buy or sell fresh commodities in the futures market in the future.

When choosing futures contracts, we must follow the principle of the same or similar delivery month, because the profit and loss of both markets are affected by the price changes in both markets. Only when the delivery month of the selected futures contract is the same as or similar to the time when traders actually decide to buy and sell spot goods in the spot market can the relationship between futures prices and spot prices be closer and the hedging effect be enhanced. Because with the arrival of the delivery date of futures contracts, futures prices and spot prices will tend to be consistent.

(4) the principle of opposite transaction direction

The principle of opposite trading direction means that when hedging, the hedger must take opposite trading actions in the spot market and the futures market at the same time or at a similar time, that is, conduct reverse operations and be in opposite trading positions in the two markets. Traders can only make losses in one market and make profits in another market by following the principle of opposite trading direction, so as to make up for the losses in another market with the gains in one market and achieve the purpose of hedging.

If it violates the principle of opposite trading direction, futures trading can not be called hedging trading, which can not only avoid price risk, but also increase price risk. The result is either a loss in two markets at the same time, or a profit in two markets at the same time.

Any hedging transaction must consider the four operating principles of hedging at the same time, and ignoring any one of them may affect the result of hedging transaction.

The second part is the application of hedging.

The risk of price fluctuation faced by production and operation enterprises can finally be divided into two types: one is worried about the future price increase of a certain commodity; The other is worried that the price of a commodity will fall in the future. Therefore, hedging in the futures market can be divided into two basic operating modes, namely, buying hedging and selling hedging.

I. Purchase hedging

(1) Applicable object and scope

Buying hedging is a common hedging method for those who are going to buy a commodity at some time in the future, and their biggest worry is that the price will rise when they actually buy the spot or repay the debt. Buy hedging can generally be used in the following areas:

1, in order to prevent the future purchase of raw materials, processing and manufacturing enterprises will increase their prices.

2. The supplier signed a spot supply contract with the buyer to deliver the goods in the future, but the supplier did not purchase the goods at this time, fearing that the price would rise when purchasing the goods in the future.

3. The demand side thinks that the current spot market price is very reasonable, but due to the lack of funds or foreign exchange, or the inability to find goods that meet the rules at the moment, or the warehouse is full, it is impossible to buy the spot immediately, and it is worried about the future price increase.

(B) the operation method of buying hedging

Traders now buy futures contracts in the futures market, and the variety, quantity and delivery month of the goods they buy are almost the same as those they buy in the spot market in the future. If the spot market price really rises in the future, although he buys spot goods in the spot market at a higher spot price, at this time, he hedges his position by selling futures contracts that he originally bought in the futures market, thus gaining income. In this way, the hedged futures profit is used to make up for the losses caused by the price increase in the spot market, thus completing the buying hedging transaction.

(3) Profit from purchasing hedging.

1. Buying hedging can avoid the risk brought by price increase.

2, improve the efficiency of the use of corporate funds.

3. For the goods that need to be stocked, some storage expenses, insurance expenses and loss expenses are saved.

4. It can promote the early signing of spot contracts.

(D) the disadvantages of purchasing hedging

1. Once the hedging strategy is adopted, the possible profit opportunities due to price changes will be lost. That is to say, while avoiding the price risk that is unfavorable to you, you also give up the opportunity that may be beneficial to you because of price changes.

2. Transaction costs must be paid, mainly commission and bank interest.

Second, sell the hedge.

(1) Applicable object and scope

Those producers and operators who are going to sell physical goods in the spot market at some time in the future, in order to keep the price they get when they can sell actual goods at the current appropriate price level, their biggest worry is that the price will fall when they actually sell spot goods in the spot market. Therefore, hedging should be adopted to protect the future income from the sale of physical objects. The purpose of selling hedging is to avoid the risk of loss caused by future price decline. Specifically, hedging is mainly used in the following situations:

1. Manufacturers, farms, factories, etc. The direct cause of commodity futures affairs is that the inventory products have not been sold or will be produced soon, and some commodities will be harvested in kind, fearing that the price will fall in the future.

2. Storage and transportation companies and traders have inventory on hand that has not been sold, or storage and transportation companies and traders have signed a contract to buy a commodity at a specific price in the future but have not resold it, fearing that the price will fall in the future.

3. Processing and manufacturing enterprises are worried about falling prices of raw materials in stock.

(2) The operation method of selling hedging.

Traders now sell futures contracts in the futures market, and the variety, quantity and delivery month of the goods sold are almost the same as those sold in the spot market in the future. In the future, if the spot market price really falls, although he sells the spot goods at a lower spot price in the spot market, he will hedge his position by buying the futures contract he originally sold in the futures market, thus gaining income. In this way, the hedged futures profits are used to make up for the losses caused by the drop in spot market prices, thus completing the hedging transaction.

(3) Profit from selling hedging.

1. Selling hedging can avoid the risk of future price decline.

2. Operating enterprises can strengthen management, carefully organize the supply of goods and successfully complete the sales plan according to the original business plan through sales preservation.

3. It is conducive to the on-site and smooth signing.

(D) the disadvantages of selling hedging

1. The price paid for selling the hedge is that the hedger gives up the opportunity of favorable future price to obtain higher profits.

2. Transaction costs must be paid, mainly commission and bank interest.

Part III Basis and Hedging

First, the basic concept.

Basis is the difference between the spot price of a commodity in a specific place and the price of a specific futures contract of the same commodity.

Basis = spot price-futures price

If there is no regulation, the futures price should be the futures contract price close to the spot month. Basis is not completely equal to the position fee, and the change of basis is subject to the position fee. In the final analysis, the position fee reflects the essential characteristics of the basic relationship between futures prices and spot prices, and the basis is a dynamic indicator of the actual operation and change of futures prices and spot prices. In an active market, the foundation is politics. Although the futures price and spot price change in the same direction, the range of change is often different, so the basis is not static. With the constant movement of spot price and futures price, the basis sometimes expands and sometimes shrinks. Finally, due to the convergence of spot price and futures price, the basis of futures contract tends to zero in the delivery month.

Generally speaking, the expansion and contraction of the basis refers to the absolute value, whether positive or negative. Because of different geographical locations, the same commodity can have multiple spot prices, and because futures traders have different contractual interests in different delivery months, the basis of the same commodity is not unique, there may be dozens or hundreds, but only one or two are valuable to traders.

The decisive factor of basis difference is mainly the relationship between supply and demand of commodities in the market. At the spot delivery place, if the market supply exceeds demand, the spot price will be lower than the contract price in recent months. The basis of primary products, especially agricultural products, is not only affected by general supply and demand factors, but also by seasonal factors to a great extent, which makes the basis expand in one period, shrink in another period and repeat year after year. In addition, the supply and demand of substitute products, storage costs, transportation costs, insurance premiums, inventory carried over in the first half of the year and other factors will affect the basis of commodity futures to a greater or lesser extent.

Second, the function of basis difference

(1) Basis is the basis of successful hedging.

The change of basis is very important for hedgers, because the basis is caused by the inconsistency between the change range and direction of spot price and futures price. Therefore, as long as the hedger observes the change of basis at any time and chooses a favorable opportunity to complete the transaction, it will achieve better hedging effect and even gain additional income. At the same time, because the change of basis is relatively stable than the futures price and spot price, it creates very favorable conditions for hedging transactions. Moreover, the change of basis is mainly subject to the position fee, which is generally much more convenient than observing the change of spot price or futures price, so being familiar with the change of basis is of great benefit to hedgers.

The effect of hedging mainly depends on the change of basis. Theoretically, if the basis does not change when the trader points out and ends the hedging, the result will be that the trader's profit and loss in the two markets are opposite and equal, thus avoiding the price risk. However, in actual trading activities, the basis cannot remain unchanged, which will bring different effects to the hedgers.

(b) The basis is the measure of price discovery.

Futures price is an open, fair and just price formed by thousands of traders on the basis of analyzing the relationship between supply and demand of various commodities. Compared with the spot price reached privately by buyers and sellers in the spot market. At the same time, futures prices also have the characteristics of predictability, continuity and authority, so that those producers and operators who have not set foot in the futures market can make correct production and operation decisions according to futures prices. In the international market, there are more and more commodities with corresponding futures markets, and their spot quotations are quoted in the form of futures price minus basis or a certain percentage downward. For example, the futures of London Metal Exchange (LME) and Chicago Board of Trade (CBOT) become the spot pricing basis of international non-ferrous metals and international agricultural products trading respectively. The existence of this phenomenon does not mean that the futures price determines the spot price. On the contrary, fundamentally speaking, it is the relationship between supply and demand in the spot market and the expectations of market participants for the future spot price that determines the price of futures contracts, but this does not prevent commodity prices from being reported on the basis of futures prices.

With the continuous development and perfection of futures trading and futures market, especially the appearance of international networked futures market, the function of futures market price mechanism will be more and more perfect, and its commodity prices can comprehensively reflect more factors affecting supply and demand in a wider range, thus further improving the authenticity of futures prices and becoming the price barometer of commodity business activities in the spot market and the basis for spot trading.

(3) Basis is very important for futures and spot arbitrage trading.

Basis is also very important for speculative trading, especially futures spot arbitrage trading. If the spot price and the futures price rise in the forward market at the same time after the futures contract is concluded, and the absolute value of the test is always greater than the position fee, there is a risk-free arbitrage opportunity, which urges the arbitrageurs to buy the spot and hold it for futures delivery and handle physical delivery while selling the futures contract. Similarly, after the futures contract is concluded, the futures price and spot price fall at the same time, and continue until the delivery month. The basis is always less than the position fee, and the arbitrageur will take the risk-free arbitrage transaction contrary to the above. In the reverse market, arbitrageurs can also use the spread between futures prices and spot prices to carry out arbitrage transactions, which will help to correct the relative relationship between basis and position fees, and play a positive role in maintaining the synchronous relationship between futures prices and spot prices and maintaining market stability.

The fourth part is the development of hedging.

In recent decades, with the gradual improvement of the futures system, new futures commodities are constantly appearing, the trading scope is constantly expanding, and hedging involves all fields of production and operation. To some extent, the futures market has become an important means of asset management for enterprises or individuals.

Change one

Hedgers are no longer simply hedging, passively accepting price changes, only seeking to reduce risks and achieve the purpose of hedging, but actively participating in hedging activities, collecting a large number of macroeconomic and microeconomic information, and adopting scientific analysis methods to determine the choice of trading strategies in order to obtain greater profits.

Change 2

Hedgers don't have to wait for spot delivery to complete the hedging behavior, but can stop or resume hedging activities several times according to the changes of spot price and futures price, which can not only effectively reduce risks, but also ensure certain returns.

Change four

Hedgers regard hedging as a financing management tool, and financing attaches importance to mortgage. By hedging the guaranteed value of assets or commodities, commodities can have fairly stable value.

Change five

Hedgers regard hedging activities as an important marketing tool. First of all, hedging is the guarantee of safe marketing for commodity operators, which can effectively ensure the supply of commodities and stabilize procurement. At the same time, it can eliminate the possibility of mutual debt due to the sale of products to a certain extent.

Because of the combination of futures trading and spot trading, and the combination of near-term and long-term trading, a variety of price strategies can be formed for hedgers to choose to participate in market competition. Hedging activities can be regarded as an effective safety marketing tool, which is helpful to improve the market competitiveness of enterprises, expand market share and obtain long-term development of enterprises.

Concluding remarks

As an advanced form of market economy, futures market has many functions. The key is how to know him and how to use him in our enterprise. The emergence of futures market is to serve enterprises, and the development of futures market is also to serve enterprises better. I sincerely hope that all enterprises can attach importance to the futures market and make use of it. Let the futures market escort the development and growth of Chinese enterprises.

Attachment: Cost of Soybean Warehouse Receipt

1, the relationship between origin and freight and other expenses. Heilongjiang province is the main soybean producing area in China, accounting for about one-third of the total soybean production in China. Because most of Heilongjiang soybeans meet the soybean delivery standards of Dalian Stock Exchange, and they are all in the northeast, the soybean warehouse receipts of Dalian Stock Exchange are generally produced by Heilongjiang soybeans, while the main soybean producing areas in Heilongjiang are north of Harbin and south of Nenjiang River, mainly in Sanjiang Plain and Songnen Plain. Therefore, we generally use Heilongjiang soybeans to calculate the warehouse receipt cost of soybeans. However, due to the vast territory of Heilongjiang, the price of each place is not exactly the same, and the soybean price in Harbin is very different from that in Qianjin Farm. There is also a high spot price near the railway, and a relatively low spot price far from the railway; In some places, the cost of transporting soybeans is high, and in some places, the cost of transporting soybeans is relatively low. In fact, due to the average profit rate, in general, if the spot price of a place is low, its other expenses will be high. On the contrary, if the spot price of a place is high, its other expenses will be low, and the invisible hand of the market will balance the average price of a Heilongjiang soybean shipped to Dalian. In other words, under normal circumstances, no matter where you buy soybeans and ship them to Dalian, your total cost is basically the same.

2. The cost of screening. In order to form warehouse receipts, soybeans purchased for oil plants must be screened if they are converted into warehouse receipts, so that there will be more discounts. Generally, more than 1% impurities should be screened out, and the reduction and cost are about 30 yuan -40 yuan/ton. If you purchase directly according to the warehouse receipt standard, you don't need to increase this cost, but it will increase the purchase price (3-4 cents per kilogram).

3, tax burden. Farmers are often faced when buying soybeans, but enterprises are generally faced when delivering them. However, the input tax on purchasing agricultural products is inconsistent with the output tax on the value-added tax on selling soybeans. The input tax rate is low, while the tax rate you sell is high. In addition, generally speaking, your sales price is always higher than the purchase price. In this way, the value-added tax is not a small amount. According to the current average purchase price and futures price,

4. Storage costs. Storage fee 25 yuan/ton; Delivery fee 4 yuan/ton; Because the warehouse receipts registered by SGX need to be predicted one month in advance, in fact, most warehouse receipts are put into storage before the prediction, so the storage cost after warehousing is 15- 18 yuan (from May to June every year, 18 yuan, and the rest time is 15 yuan, plus 1 before the warehouse receipt is formed.

5. Other expenses. Railway service fee 160 (60 tons per vehicle-the same below); Loading and unloading fee 600; Platform use fee150; Tax, industrial and commercial price and quarantine fee 1500, total per ton of 40 yuan. These costs vary from place to place.

Generally speaking, the standard warehouse receipt of HKEx can only be generated by adding the cost of 270 yuan (plus or minus 20 yuan) on the basis of the car board price of the place of origin per ton. Among them, the railway freight and loading and unloading fees are about 150 yuan, and the fees for registering warehouse receipts (screening fees, taxes and storage fees) are about 120 yuan.