Invisible Supply 私人仓储
Uncounted stocks of a commodity in the hands of wholesalers, manufacturers, and producers that cannot be identified accurately; stocks outside commercial
channels but theoretically available to the market.
批发商、制造商和生产商手头持有，但无法准确估算而未计算的存货，这些存货
不在商业流通范围之内，但理论上可供应市场。
L
Lagging Indicators 滞后指标
Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as
concurrent indicators.
市场指标显示总体经济发展方向和确认或否认主导指标在市场发展趋势的应用，
也叫做协作指标 Last trading day 最后交易日
Day on which trading ceases for the maturing (current) delivery month.
在当前的交易月份交易终止的日期
Lead month 最近合约月
The most current contract month in which delivery may take place. The
contract month closest to the current point in time. 交割可能发生的最近的月份，合约月份最接近现在的时间点
Leading Indicators 领先指标
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include: average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and
material, percentage of companies.
为未来几个月的经济状况做指示的市场指标。一些领先指标包括：制造业的平均工作日，失业保险的初期索赔，消费者货物和原材料的委托单，公司百分率。
Leverage 杠杆作用
The use of a small amount of assets to control a greater amount of assets.
利用少量资产来控制大量资产
Limit 限价
The maximum price advance or decline from the previous day's settlement price permitted in one trading session, as determined by the Exchange. 按照交易所规定的，在一个交易中比前一天的成交价格上升或下跌的最大值
Limit move 涨跌停
See \
见\最大价格波幅 \Limit order 限价委托单
Usually equivalent to \price or other condition, as contrasted with the trading floor definition of a market order, which implies that the order should be filled as soon as possible. 通常与价格相等 . 在这种委托单中 , 有客户设定价格或者其他情况的限制 ,
与之相对的市价委托单则是委托单应尽快成交 .
Liquid 流动性
A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price. 证券市场或商品市场有足够成员允许大量交易发生并且不会引起价格实质性变
化的特性 Liquidate 平仓，斩仓
Selling (or purchasing) futures contracts of the same delivery month purchased (or sold) during an earlier transaction or making (or taking) delivery
of the cash commodity represented by the futures contract. See Offset. 卖出 ( 或购买 ) 相同交割月份的期货合同 , 以抵消早先的买入 ( 或卖出 )
交易 , 或者实际交割期货合同中提到的现货商品 .
Locals 自由经纪人
Exchange members who trade for their own account and/or fill orders for
customers and whose activities provide market liquidity.
为自己和 ( 或 ) 为其他客户完成委托单的交易所成员 , 他们的行为为市场提
供了流动性 Long 买入
One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an
offsetting procedure.
已经购买了一个期货或期权合同的人建立一个交易盘口，并且没有通过冲销抛售
盘口
Long hedge 多头避险
The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an
advance in the cash price. See \
打算未来购买现货，而先买进期貨，以防现货价格上涨买到高价
Long position 多头头寸
A position in which the trader has bought a futures contract that does not offset
a previously established short position.
交易者购买的一个期货合同不冲销先前建立的空头部位
Lot 口、手
The term used to describe a designated number of contracts, e.g., a five-lot
purchase. Also called \用来描述指定数额的合同
Low 最低价
The lowest price of a specified time period for a particular futures contract.
在一段特定时间一特定期货合同的最低价
M
Managed Futures 管理期货
Represents an industry comprised of professional money managers known as commodity trading advisors who manage client assets on a discretionary
basis, using global futures markets as an investment medium.
是指由专业的资金管理者即商品交易顾问管理客户资金组成的，运用国际期货市
场作为投资媒介的行业
Margin 保证金
The amount of money or collateral deposited by a client with his or her broker, or by a clearing member with the Clearing House, for the purpose of insuring the broker or Clearing House against loss on open futures or options contracts. 客户付给经济商或清算所的一定数额的现金或间接形式的抵押金，为了避免经济
商或清算所在未平仓的期货或期权合同中遭受损失
Margin Call 追缴保证金，补仓
A call from a clearinghouse to a clearing member, or from a brokerage firm to a
customer, to bring margin deposits up to a required minimum level. 清算公司发给清算成员或是经纪公司发给客户的要求 , 要求将剩余的保证金加
至要求的最低标准 Mark-to-market 逐日结算
The daily adjustment of portfolio to reflect profits and losses.
每日的统计以反映收益和损失 Market order 市价委托单
An order filled immediately at the best price available.
以当前能达到的最好价格立即成交
Market segment 市场划分
A part of a market, that relates to a place, an exchange authority, a type of security (equity / bond / option / future), and a list of securities with a given set
of trading methods.
市场的一部分，它关系到一个场所，一种交易权利，一个类型的证券（资产，债
券，期货，期权）和一系列的交易手段。
Market value 市场价值
The current value of all commodities held in a margin account.
保证金帐户中所有商品的现有价值 Market-if-touched (MIT) 触价单
Order type: An MIT order to buy becomes a limit order if and when the instrument trades at a specific or lower trigger price; an MIT order to sell becomes a limit order if and when the instrument trades at a specified or
higher trigger price.
委托单种类，是指 市场价格触及委託单上之价位，该订单立即变成限价单。通常买进时所设之价位在当时市价之下，卖出时所设之价位在当时市价之上。
Market-on-close (MOC) 收盘价委托单
Order type: can be submitted at any time within a trading session, but only
executable at closing, at the closing price.
委托单种类，可以在任何时刻提交但在收市时以收市价执行的委托单
Marketplace 市场
A given location where trading takes place.
交易进行的特定地点 Matched trade 对应交易
The execution of the buy and sell orders that together consummate a trade. A matched trade consists of one or more contracts and occurs when the same price is specified by buy and sell orders, for a specified number of contracts. 买卖订单的执行同时完成的交易。对应交易包含一个或多个合同，针对特定数量
的合同，当同样的价格被列入买卖订单时，对应交易就产生了
Maturity 到期期间
Period within which a futures contract can be settled by delivery of the actual commodity; the period between the first notice day and the last trading day of a
commodity futures contract.
一个期货合同可以实际商品交割的时期，这段是时期从第一通知日到一商品期货
合同的最后交易日之间
Maximum price fluctuation 最大价格波幅
The maximum amount the contract price can change up or down during one
trading session, as stipulated by Exchange rules.
按照交易所的规定，在一场交易中合约价格可以上下波动的最大值