Can futures average prices be directly used as physical rubber transaction prices?
Quick AnswerWhen pricing against a futures index or contract average, the underlying, month, sampling window, currency, unit, premium/discount, grade and delivery terms must be specified; actual execution also depends on valid quotes and the contract.
Define the Benchmark
Distinguish between a contract's real-time price, previous-month settlement average, and multi-month average; values derived from different windows cannot be substituted without explicit clarification.
Specify Premium/Discount
Grade, mill, quality, quantity, timing, ocean freight, financing and credit can all affect the physical price. Model back-testing only validates the historical performance of stated assumptions and cannot serve as an automatic purchase or trading instruction.
Sources & Further Reading
- RIOMI 橡胶业务编辑与项目经验（2026-10 编审）
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