| Coal is the important physical base of the national economy and social development. Coal is the world's largest reserves, the most widely distributed cheapest source of energy. In recent decades, despite the oil and natural gas, and other clean energy in the global energy consumption in the production of fairly large proportion of the increase, coal in the energy consumption structure still occupy a very important position. The proportion of coal consumption in 2005 was 68.7 percent, accounting for 24 percent of oil and gas, hydropower and nuclear power share of 7.3 percent. China is the world's largest coal producer, is also the world's largest coal consumer. Coal is Chinese important raw materials of main energy. In the structure of energy production and consumption, coal has always accounted for more than half. As rising oil prices, country adjusts the energy structure and the coal demand increase in recent years. As international coal prices gradually rise, domestic price is also in a similar situation. As the coal industry appears a larger increase in profits, practitioners'blind investment is also becoming more and more serious. Although investment eases the energy supply problem after years of investment in China, the risk of excess production capacity has gradually become apparent. The coal industry risk increases. At the same time, China gradually unloosen coal price, fasten market reforms. With the reform of coal price, the defect of coal spot market emerges. When the state faced with a complex situation, how to manage risk and eliminate defect become an urgent task. When abroad is in the face of this issue, they seek answers in the financial derivatives markets and make use of the futures market's crude function that is risk transferring and risk diversification mechanism to solve the problem. It works well. The example is CAPP coal futures contract in the NYMEX. Because of the contract, American effectively evades the price risk that demand of global energy improves to form since 2004.According to the quo of China domestic coal spot market and futures market, this article analysis the coal industry risk, drawbacks of spot market, the necessity and feasibility of the China coal futures in an all-round way .At the same time, making use of the experience of global coal futures'transactions, this article try to establish elementarily the China coal futures market and research elementarily the coal futures pricing. Although, as to China coal futures, there are some aspects needed to be perfected, China has already meet the primary needs of conducting the coal futures transactions. Furthermore, there are many advantages for China to develop coal futures; it will be beneficial to macro control and micro decision for government; it will be beneficial to optimize the allocation of energy sources and guarantee the safety of energy sources; it is also beneficial to improve the operation of coal market, form unit and regular price system and protect the benefits of all enterprises involved. At present, this article suggest to establish the exchange place of coal futures in Taiyuan.Shanxi, choose coke and Ultra-high heat coal as the merchandise in the coal futures market, and design the futures contract, rules and process of China coal futures on the basis of some exited experience, such as CAPP coal futures contract in NYMEX. In order to make the coal futures to play its full function, China should further perfect the system of futures market, establish sound system of legislation and management. In addition, to establish the China coal futures market should take advantages of the industry association, pay attention to promotion and guide and encourage the related enterprises to participate in the coal futures market. |
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