The "Imperial Metal Commodity Index (IMCI)" is the official name for the "Shanghai Futures Exchange All-Metal Futures Price Index." It was the first comprehensive non-ferrous metal commodity index issued by the Shanghai Futures Exchange (SHFE). This index serves as a key benchmark for the performance of non-ferrous metal futures in China, reflecting the overall trends in the market and providing valuable insights for investors and industry participants.
The primary objectives behind the development of this index were to ensure broad market coverage and to support investment activities. The scale requirement aimed to make sure that the index accurately represented the price movements across the entire non-ferrous metals sector. Meanwhile, the investment goal was to establish the index as a reliable tool for evaluating investment returns and enabling the creation of indexed investment products and derivatives.
When compiling the index, three core principles were strictly followed: liquidity, continuity, and resistance to manipulation. Liquidity ensures that large investments do not significantly impact the index value, thus reducing transaction costs. Continuity allows the index to maintain historical comparability while accurately reflecting current market conditions. Resistance to manipulation ensures that the index is based on objective data and is not easily influenced by human intervention.
The index includes four major non-ferrous metal futures contracts: copper, aluminum, zinc, and lead, all traded on the Shanghai Futures Exchange. These metals are essential to China's industrial economy, with their combined output accounting for over 97% of the total non-ferrous metals production in the country. The Shanghai Futures Exchange has developed a highly liquid and transparent market for these commodities, making it a leading platform for non-ferrous metal trading.
The selection of these futures contracts was based on their significant market presence, high trading volume, and strong correlation with inflation. As the world’s largest producer and consumer of non-ferrous metals, China plays a crucial role in global pricing mechanisms. The increasing international influence of its metal prices underscores the importance of having a reliable and representative index.
Moreover, there is currently a lack of effective tools for managing inflation risks in domestic markets. Investors are increasingly seeking ways to hedge against rising prices, and empirical studies have shown that non-ferrous metals can serve as a useful hedge. Therefore, developing a non-ferrous metals index offers a strategic opportunity to meet this growing demand and enhance financial market stability.
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