The Research Of Coke Futures’influence On The Coke Price And Related Industry Stock Price

In the world. China is the biggest coke-producing country, the consumption of coke country and coke exporter country. As one of the most important resources, we need to fight international coke pricing. So, In order to make better use of our coke resources, China’s Dalian Commodity Exchange launched the world’s first coke futures products. By coke futures hedging, price discovery function, coke traders can be provided to the new risk control tools and, more importantly, can take to compete for the coke pricing of global voice.After rending some existing literature, I find that existing studies have focused on gold, copper, soybeans futures products which foreign have launched many years ago but ignoring of our independent research and development financial products like coke futures this study. Therefore it is particularly important to research the validity of the coke futures products which is only exist in the domestic market.In this paper, the Johansen cointegration analysis, Granger causality test, impulse response analysis, and ECM method are used to study the relationship between the coke futures contracts with Coke spot and the relationship between the coke futures and listed coke enterprises stock. After the empirical research process, I found some conclusions. First, there are long-term stable cointegration relationship between China’s coke futures contract price and the spot price of coke. Then, in the short term, the coke futures products have little affection on the coke. At last, there is Granger causality between China’s coke futures contract price and listed coke enterprises stock. Moreover, China’s coke futures have a guiding role.