题目
Which of the following statements about commodity investing is invalid?
选项
A.Few commodity investors trade actual physical commodities.
B.Commodity producers and consumers both hedge and speculate.
C.Commodity indexes are based on the price of physical commodities.
答案
C
解析
C is correct. Commodity indexes typically use the price of futures contracts on the commodities included in them rather than the prices of the physical commodities themselves in order to be transparent, investable, and replicable. A is incorrect because trading in physical commodities is primarily limited to a smaller group of entities that are part of the physical supply chain. Thus, most commodity investors do not trade actual physical commodities but, rather, trade commodity derivatives. B is incorrect because although supply chain participants use futures to hedge their forward purchases and sales of the physical commodities, those commodity producers and consumers nonetheless both hedge and speculate on commodity prices. ：C是正确的。为了透明、可投资和可复制，商品指数通常使用其所含商品的期货合约价格，而不是实物商品本身的价格。 A是不正确的，因为实物商品的交易主要限于作为实物供应链一部分的一小部分实体。因此，大多数商品投资者并不交易实际的实物商品，而是交易商品衍生品。 B是不正确的，因为尽管供应链参与者使用期货来对冲他们对实物商品的远期购买和销售，但这些商品生产者和消费者仍然对商品价格进行对冲和投机。