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某锂矿生产企业的套保操作最近挺引人关注。这家企业在期货市场上的做空让人看到了一个值得讨论的问题:到底什么算真正的套保,什么又沦为了投机?
据了解,这家企业用锂云母生产碳酸锂,每吨的生产成本大概在9万元左右。按照正规套保的逻辑,在期货市场上的空单价格怎么也不应该低于9.5万元每吨。而且这个数字还有个前提——你的套保单量必须和自己的实际产能相匹配,不能超过平均产量。
但现实往往更扎心。当一家生产企业在自己的成本价以下还在放空单,这就不是套保了,说白了就是在赌方向。生产能力和风险管理摆在这儿,却非要去博期货行情,这种操作确实有点让人无语。