Commodity Forwards and Futures是FRM一級考試的內(nèi)容，是商品遠(yuǎn)期和期貨的意思?，F(xiàn)階段，考生正在緊張的備考5月FRM考試，對于這個(gè)內(nèi)容，千萬不能忽視。掌握相關(guān)的內(nèi)容不僅對通過考試有幫助，對于以后日常工作也是有幫助的！具體考生能掌握住哪些內(nèi)容呢？》》》戳：各科視頻講義+歷年真題+21年原版書（PDF版）免·費(fèi)領(lǐng)取

After completing this reading, you should be able to:

? Explain the key differences between commodities and financial assets.

? Define and apply commodity concepts such as storage costs, carry markets, lease rate, and convenience yield.

? Identify factors that impact prices on agricultural commodities, metals, energy, and weather derivatives.

? Explain the basic equilibrium formula for pricing commodity forwards.

? Describe an arbitrage transaction in commodity forwards and compute the potential arbitrage profit.》》》點(diǎn)擊咨詢FRM特惠課程

? Define the lease rate and explain how it determines the no-arbitrage values for commodity forwards and futures.

? Describe the cost of carry model and determine the impact of storage costs and convenience yields on

commodity forward prices and no-arbitrage bounds.

? Compute the forward price of a commodity with storage costs.

? Compare the lease rate with the convenience yield.

? Explain how to create a synthetic commodity position and use it to explain the relationship between the forward price and the expected future spot price.

? Explain the relationship between current futures prices and expected future spot prices, including the impact of systematic and nonsystematic risk.

? Define and interpret normal backwardation and contango.

完成閱讀后，您應(yīng)該能夠：

?解釋商品和金融資產(chǎn)之間的主要區(qū)別。

?定義和應(yīng)用商品概念，如存儲成本、運(yùn)輸市場、租賃率和便利收益率。

?確定影響農(nóng)產(chǎn)品、金屬、能源和天氣衍生品價(jià)格的因素。

?解釋商品遠(yuǎn)期定價(jià)的基本均衡公式。

?描述商品遠(yuǎn)期的套利交易，并計(jì)算潛在的套利利潤。

?定義租賃利率并解釋其如何確定商品遠(yuǎn)期的無套利價(jià)值還有未來。【資料下載】點(diǎn)擊下載融躍教育金融專業(yè)英語詞匯大全.pdf

?描述運(yùn)輸成本模型，并確定存儲成本和便利收益率對運(yùn)輸成本的影響商品遠(yuǎn)期價(jià)格和無套利邊界。

?用存儲成本計(jì)算商品的遠(yuǎn)期價(jià)格。

?將租賃率與便利收益率進(jìn)行比較。

?解釋如何創(chuàng)建綜合商品頭寸，并用它來解釋遠(yuǎn)期價(jià)格和預(yù)期的未來現(xiàn)貨價(jià)格。

?解釋當(dāng)前期貨價(jià)格和預(yù)期未來現(xiàn)貨價(jià)格之間的關(guān)系，包括影響系統(tǒng)性和非系統(tǒng)性風(fēng)險(xiǎn)。

?定義和解釋正常的逆差和連續(xù)性。

希望以上的內(nèi)容對你有所幫助！如果您想了解更多FRM考試相關(guān)問題，添加融躍FRM老師微信（rongyuejiaoyu），給您專業(yè)的指導(dǎo)幫助！