企业现在有了新方式，利用预测市场平台 Kalshi Inc. 的合约对冲钨价波动风险。
Businesses have a new way to hedge against price swings in tungsten using contracts on the prediction markets platform Kalshi Inc.
据各方声明，商品风险管理公司 Pillar 为一家位于俄亥俄州的金属分销商对冲了风险敞口，Susquehanna Predictions 提供了流动性。
Commodity-risk-management firm Pillar hedged the exposure for an Ohio-based metals distributor, while Susquehanna Predictions provided the liquidity, according to a statement from the companies.
钨是一种用于国防、航空航天和工业应用的金属，在中国实施出口管制后，成为西方争夺关键矿产的焦点。过去两年钨价飙升逾八倍。
Tungsten, a metal used in defense, aerospace and industrial applications, has been the focus of the West’s push to secure critical minerals after China imposed export controls. Tungsten prices have surged more than eightfold over the past two years.
该金属目前尚无上市期货市场，尽管芝商所 (CME Group Inc.) 上周宣布计划于 2027 年第一季度初推出钨期货。Kalshi 一直通过提供无到期日的永续期货或杠杆合约，对传统金融市场构成挑战。9 月，Kalshi 推出了黄金和白银永续期货。
The metal doesn’t currently have a listed futures market, although last week CME Group Inc. announced plans to launch tungsten futures early in the first quarter of 2027. Kalshi has been challenging traditional financial markets by offering perpetual futures or leveraged contracts without an expiration date. In September, Kalshi launched perpetual futures for gold and silver.
据各公司介绍，Kalshi 的钨合约可根据特定风险敞口、不同指数和时间跨度轻松定制。
Kalshi’s tungsten contracts will be easy to customize around specific exposures, different indexes and time horizons, according to the companies.
Kalshi 业务发展总监 Nicolas Hull 表示：“美国经济中一些最重要的风险从未拥有过市场。不是因为没人需要，而是因为没人建设。这正是此次改变的地方。钨是第一个，后面还有一长串。”
“Some of the most important risks in the American economy have never had a market. Not because no one needed one, but because no one built one,” said Nicolas Hull, Director of Business Development at Kalshi. “That’s what changed here. Tungsten is the first, and there’s a long list behind it.”
各公司称，该合约挂钩上海有色网 (Shanghai Metals Market) 对偏钨酸铵 88.5% CIF 鹿特丹的评估价。合约将于 12 月 17 日结算，在 Kalshi 的公开订单簿交易。成交量未披露。
The contract is tied to Shanghai Metals Market’s assessment for ammonium paratungstate 88.5%, CIF Rotterdam, the companies said. It will settle on Dec. 17 and trades on Kalshi’s public order book. No volume was disclosed.
合约定价显示，欧洲 APT 价格极大可能在 12 月中旬前维持在每公吨单位 (mtu) 2250 美元以上。Asian Metal 对欧洲仓库交货钨 APT 88.5% 的评估价在 10 月 22 日为每 mtu 2775 美元。
The contracts are pricing a strong likelihood that European APT prices will remain above $2,250 per metric ton unit (mtu) through mid-December. Asian Metal’s assessment for Europe tungsten APT 88.5%, in-warehouse Rotterdam, was $2,775 per mtu on Oct. 22.