Coal Futures Price Formation Mechanism

Before the global financial crisis in 2008, the rapid economic growth and rapid expansion of the scale of investment, the demand for coal showed fast growth momentum, coal prices were rising, and showing all the major fluctuations. Although 2008, due to increasing in the prices of oil,and policies and measures to stimulate economic growth in each countries, coal price is still facing the rapid rising trend. The price of coal is in the pace of international petroleum price changes, but the pace of international oil price has according to market price of oil futures as the main basis of coal, relatively.The coal futures market is not so perfect, in the certain extent also cannot fully exert the function of futures market price discovery.With the development of low-carbon economy in 2009, December 7th in Denmark Copenhagen began at the United Nations framework convention on climate change, the 15th party congress of coal industry development has brought great challenges, coal market price of hedging development function requirement is more urgent.With the energy of "financial properties", mainly displays in energy and the futures price has become the international energy market price basis, its volume than cash market supply and demand. China as a coal production and consumption in the international coal price, how to have a voice in the development of coal market plays an important role in China, also economic development and social progress in one of the most important factors. So the coal price movements and the futures price of coal price of significant research significance.This paper in the current domestic and overseas scholars about energy finance, coal price forming mechanism, coal futures and pricing model research situation, the spot and futures prices, options, and long-term relationship and the futures price of pricing model, And the coal resources in the position and global energy resources, coal distribution of China's coal production and consumption; the main International futures contract and the development of coal, coal futures prices for research foundation. With energy, based on the financial, energy financial monetized of coal futures price influence factors were analyzed. A systematic analysis of the distribution of the coal resources, mainly for coal futures price forming a system based on the analysis of social and economic factors analysis of supply and demand, and the influence factors of the futures price of coal, and finally the nymex of CAPP and operation of coal futures contracts, analyzes the development status of coal futures. And the futures price of CAPP coal and spot price made an empirical analysis, the results showed that the American nymex futures price of CAPP and spot price exists between the long-term stability of co-integration relationship. The central Appalachia coal prices are in stock of CAPP based on the futures price formation, and received CAPP futures price fluctuations. With the development and utilization of coal resources in China, and the necessity of coal futures and analyzes briefly the feasibility, actively participate in international trade, perfecting the futures of coal futures market laws and regulations. After the futures contract in coal of subject choice is designed, the price of coal and other energy futures prices in the study and low-carbon economy under the tide of how to develop coal futures trading in three aspects as a prospect.In this paper, the research process is regulate and empirical combination, combining theory with practice, combining with the induction and deduction from the futures price forming mechanism of coal to the international development situation, the major coal futures for our future coal futures trading provides important theoretical basis, and provide the futures price of coal formation research for our country's participation in international coal trading. Coal is the main energy of carbon dioxide emissions, and how to use coal futures market to regulate low-carbon economy, and study the influences to coal price, which is also a feature of this paper.