China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.
China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Prior to this, Air China announced that the company as a result of fuel hedging and Fukui took place 3.1 billion.
Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.
Misunderstanding one: less security is not a small loss but not loss
With Air China and China Eastern Airlines, Southern Airlines is also hedging in the loss. However, the three Southern Quarterly Bulletin shows that China Southern in the third quarter of this year, only a loss of 884,000,000 yuan. Securities analysts are of the view that China Southern is a relatively small loss due to less hedging.
Reporters in Air China's announcement, Air China Aviation Oil to do the highest hedge accounting for about 60% of the oil requirements, and have 35.9 percent of China Eastern Aviation Oil hedging to take the way, the number of China Southern and even less Almost negligible.
However, senior futures analyst at sea permit Nicheng group pointed out that if the companies that have hedging risk, no set of security there will be no big loss on special measures are wrong, "not to participate in a speculative hedge is a danger Highly speculative. " He pointed out that without hedging, the enterprise will be exposed to fluctuations in the spot market price of risk, "gambling" is the next time the spot price for business. Spot market prices due to extreme volatility of the possibility of the existence, it may bring disastrous consequences to the enterprise.
Second misunderstanding: futures set equal to a loss of security failure
During the interview, many analysts pointed out to reporters, the media always stressed that the derivatives business loss is not right, there are several aspects of hedging, need a comprehensive view.
Futures analyst at Everbright pleased to reporters, said: "Take Air China, Air China despite international oil prices in the short term due to the huge dive in serious losses on futures, but on the other hand, Air China in the spot market may be profitable The assumption that fuel prices of crude oil equivalent from 150 U.S. dollars fell to 50 dollars, 100 U.S. dollars so it can be counted as Air China's profit in the spot market. "
Now, more companies tend to use "hedge against inflation," the security package in order to futures markets, for example, in this way, the futures price in a management tool emerged with a great deal of flexibility. Enterprise adoption of the product cost and reasonable profit, as well as expected on the market factors of supply and demand analysis, can confirm a pre-market price is an "ideal price." In such an "ideal price" on the basis of the target, enterprises can be sold in advance through the futures market or futures contracts to buy futures contracts; into the question of the actual cash transaction cycle, and then choose the spot market or sell goods purchases, and In the futures market for hedging positions. This is the unique use of futures markets and hedging mechanisms to achieve a "hedge against inflation". In this way, to achieve the "ideal price", without affecting the stock purchase and sale plan, the price can be carried out in advance, no longer blindly Suixingjiushi.
The fundamental purpose of hedging against inflation is to avoid the risk of price fluctuations. Pleased to say: "So look at the success of security units, mainly futures study whether the cost of lock and not a single market or a loss of profits."
China Eastern Airlines announced last night that, as of October 31, 2008, China Aviation Oil hedging contracts fair value losses of about 1,830,000,000 yuan has not been any actual cash loss. Prior to this, Air China announced that the company as a result of fuel hedging and Fukui took place 3.1 billion.
Experts said that the futures companies, fuel hedging in the near future become the focus of the market, but can be seen in the market for business and enterprise have a lot of misunderstanding hedging.
Misunderstanding one: less security is not a small loss but not loss
With Air China and China Eastern Airlines, Southern Airlines is also hedging in the loss. However, the three Southern Quarterly Bulletin shows that China Southern in the third quarter of this year, only a loss of 884,000,000 yuan. Securities analysts are of the view that China Southern is a relatively small loss due to less hedging.
Reporters in Air China's announcement, Air China Aviation Oil to do the highest hedge accounting for about 60% of the oil requirements, and have 35.9 percent of China Eastern Aviation Oil hedging to take the way, the number of China Southern and even less Almost negligible.
However, senior futures analyst at sea permit Nicheng group pointed out that if the companies that have hedging risk, no set of security there will be no big loss on special measures are wrong, "not to participate in a speculative hedge is a danger Highly speculative. " He pointed out that without hedging, the enterprise will be exposed to fluctuations in the spot market price of risk, "gambling" is the next time the spot price for business. Spot market prices due to extreme volatility of the possibility of the existence, it may bring disastrous consequences to the enterprise.
Second misunderstanding: futures set equal to a loss of security failure
During the interview, many analysts pointed out to reporters, the media always stressed that the derivatives business loss is not right, there are several aspects of hedging, need a comprehensive view.
Futures analyst at Everbright pleased to reporters, said: "Take Air China, Air China despite international oil prices in the short term due to the huge dive in serious losses on futures, but on the other hand, Air China in the spot market may be profitable The assumption that fuel prices of crude oil equivalent from 150 U.S. dollars fell to 50 dollars, 100 U.S. dollars so it can be counted as Air China's profit in the spot market. "
Now, more companies tend to use "hedge against inflation," the security package in order to futures markets, for example, in this way, the futures price in a management tool emerged with a great deal of flexibility. Enterprise adoption of the product cost and reasonable profit, as well as expected on the market factors of supply and demand analysis, can confirm a pre-market price is an "ideal price." In such an "ideal price" on the basis of the target, enterprises can be sold in advance through the futures market or futures contracts to buy futures contracts; into the question of the actual cash transaction cycle, and then choose the spot market or sell goods purchases, and In the futures market for hedging positions. This is the unique use of futures markets and hedging mechanisms to achieve a "hedge against inflation". In this way, to achieve the "ideal price", without affecting the stock purchase and sale plan, the price can be carried out in advance, no longer blindly Suixingjiushi.
The fundamental purpose of hedging against inflation is to avoid the risk of price fluctuations. Pleased to say: "So look at the success of security units, mainly futures study whether the cost of lock and not a single market or a loss of profits."
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