Enterprise L Application Of Commodity Futures Hedging Case Analysis

In the last ten years,domestic and international macro environment instability factors have increased,the global economic development faces more resistance,and commodities have also experienced big fluctuations.Aluminum as one of the main varieties in the commodity markets,the whole industry chain and other non-ferrous metal varieties was similar,but in the futures market price volatility is larger,the aluminum procurement,production,management of related companies will produce adverse effect.In order to avoid the risk of large price fluctuation in the process of industrial chain and resolve the contradiction between supply and demand of enterprises,hedging instrument becomes an effective measure to avoid risk.Enterprises through the futures market,the use of hedging tools for risk management to avoid the risk of market price fluctuations,the normal production and business operation,so as to realize enterprise play the futures market ability to spread risk,that makes the market pricing model to be more perfect,so as to accelerate the development of enterprises.In this paper,L company used the hedging tool of the futures market to analyze the cases.Through the analysis of the aluminum industry chain price trend in the past few years,the reasons for aluminum price fluctuations and the necessity of L companies to hedge the introduction of hedging background;The L firm hedging program draws on the specific content and risk control of the L firm's use of hedging;through case studies,he assesses the results from hedging,purchases,sales,inventory management,funds utilization,and Period protection risk control is analyzed from five perspectives.Through case analysis,the advantage of L company hedging is to increase the fund rate for purchase and sales correspondence,partial hedging methods,professional training for internal personnel,and cooperation with futures companies to improve the operating efficiency.The lack of solutions is not smooth for the hedging operation process.There is no separation of research on the application of risk protection and hedging in the protection of baita and with no full hedging program.Finally,the aluminum processing and manufacturing enterprises are proposed to: adopt multi-industry chain hedging,improve hedging risk management system,strengthen employee training,accurately determine market trends,improve hedging organizational structure,strengthen the exchange with futures companies,real-time control of risks,the government to increase supervision of the futures market,various aspects of society have increased proposals for the training of futures professionals.