问一道题：NO.PZ2018111302000058

同学你好，期货市场的主要交易者有三类，informed investor; liquidity providers; arbitrageurs. 在大宗商品的投资中，需要把这三种交易者区分来看。主要记一下关键词，就可以判断出来了。

其中informed investors 和 liquidity providers主要就是hedgers & speculators.

hedger是为了对冲未来的期货价格风险的大宗商品生产商。speculators，是hedger的对手方，他们更了解市场和未来的价格趋势，就是要通过对市场的方向判断来赚钱。

而第三种arbitrageurs, 就是用期货市场的定价不准确性来进行套利的参与者，arbitrageurs who have the ability to inventory physical commodities can attempt to capitalize on mispricing between the commodity (along with related storage and financing cost) versus the futures price. They may own the storage facilities (bonded warehouses, grain silos, feedlots) and work to manage that inventory in conjunction with the futures prices to attempt to make arbitrage-style profits.他们会持有现货（inventory），但是也会利用现货与期货价格之间的错误来低买高卖（mispricing），赚取利润。