비철금속 선물시장의 구조와 선물거래의 활용방안 = A Study on the Structure of Futures Markets and the Utilization of Futures Tradings in Nonferrous Metals Industry

다국어 초록 (Multilingual Abstract)

The final two decades of the twentieth century witnessed a major expansion in futures trading in the nonferrous metals markets all over the world. In spite of the growing importance of nonferrous metals as one of major industrial raw materials. the domestic reserves are not sufficient enough for the need of our economy. Therefore, Korean major companies have been importing most of nonferrous metals from overseas. In this context we focus on the commodity futures markets with a special emphasis on hedging with nonferrous metals futures.
This paper is to investigate major structures and mechanisms in nonferrous metals futures markets including LME and COMEX, and to analyze current practices and trends from various kinds of statistical data regarding overseas futures trading, and finally to suggest several propositions for more active utilization. Accordingly the research proceeded in two phases : one is dealing with an extensive review of the futures markets literature, and the other is tracking some strategic implications as well as current situation and trends in nonferrous metals futures trading of Korean economy.
Thus, this paper aims to provide the domestic management with practical information, which is hoped to be useful to expand futures business strategically in the country. In conclusion, it goes without saying that our companies need to take part in futures market dealing with nonferrous metals through hedging for stable economic activities and reasonable management. Furthermore, the vulnerable cost structure of our firms can be improved from direct and aggressive participation of overseas futures markets. In addition, the domestic futures market can be effectively managed and well activated sometime in the future.

목차 (Table of Contents)

• Ⅰ. 문제의 제기
• Ⅱ. 비철금속 선물시장의 구조와 운영체계
• Ⅲ. 비철금속선물을 이용한 헤징사례
• Ⅳ. 비철금속 선물거래의 실태와 동향
• Ⅴ. 비철금속 선물거래의 활용방안
• Ⅵ. 맺음말
• 참고문헌
• Summary