因为期货市场本质上是一个商品合同公开转让的市场,与现实商品经济息息相关,与价格波动相辅相成。动力煤期货的上市,也必将对电煤中远期定价体系、交易避险机制、采购库存模式产生重大影响,甚至可能推动下一步煤、电产业的市场化改革。煤炭是我国的主体能源,长期以来在一次能源生产和消费中占70%左右。主要用于发电和供暖的动力煤又在煤炭构成中占重要地位。2012年我国动力煤产量和表观消费量分别为27.4亿吨和29.3亿吨,在煤炭中的比重分别为75.1%和74.6%。市场各方高度关注的动力煤期货自2013年9月26日正式挂牌上市以来,参与者众多,成交活跃.仅10月份主力合约TC401成交量就有275万手,成交额达3000多亿元。尽管动力煤期货的作用和影 Because the futures market is essentially an open market for the transfer of commodity contracts, it is closely linked with the real commodity economy and complements the price fluctuations. The listing of steam coal futures will also have a significant impact on the medium-term and long-term pricing system for coal, trading hedge mechanisms and purchasing inventory models, and may even promote the market-based reform of the coal and electricity industries in the next step. Coal is the main source of energy in our country, accounting for about 70% of primary energy production and consumption for a long time. Thermal coal, which is mainly used for power generation and heating, plays an important role in the formation of coal. In 2012, the output and apparent consumption of thermal coal in our country were 2.74 billion tons and 2.93 billion tons respectively, accounting for 75.1% and 74.6% of the total respectively. The thermal coal futures, which are highly concerned by all parties in the market, have been actively traded since they were officially listed on September 26, 2013. The turnover of TC401 in the main contract was 2.75 million in October with a turnover of more than 300 billion yuan. Despite the role and shadow of thermal coal futures