期货市场是金融市场中独特的一种交易方式。与股票市场不同，期货市场的交易不是以实际交割为主要目的，而是以结算价为核心。那么，为什么期货交易以结算价为关键呢？

首先，让我们来了解一下什么是结算价。结算价是指在期货合约到期日或最后交易日，期货交易所根据市场情况公布的当日最后一笔成交价格。它作为期货合约的定价基准，在交割前决定了合约的最终盈亏。因此，结算价的确定非常重要。

那么，为什么期货交易以结算价为关键？首先，结算价可以提供市场的参考价格。期货市场上有大量的买家和卖家，每天都会有大量的交易活动。结算价是这些交易的加权平均价格，反映了市场上的供需关系和交易活跃度。投资者可以通过关注结算价，了解市场的整体行情走势，从而做出合理的投资决策。

其次，结算价也是期货合约估值的基础。在期货市场上，投资者可以进行多空交易，即同时买进和卖出期货合约。通过结算价，投资者可以计算自己的盈亏情况，以及持有合约的市值。如果结算价高于买入价，那么投资者就会获得盈利；如果结算价低于买入价，投资者就会蒙受亏损。因此，结算价直接影响着投资者的经济利益。

此外，结算价还是期货交割的基础。尽管期货市场的交易不以实际交割为主要目的，但在合约到期日或最后交易日，仍然需要进行交割。结算价作为定价基准，为交割提供了依据。交割价格通常是以结算价为基础，加上一定的溢价或贴水进行确定。通过以结算价为关键，交割过程可以更加规范、公正。

总之，期货交易以结算价为关键是有其重要原因的。结算价提供了参考价格，帮助投资者了解市场走势；结算价也是期货合约估值的基础，影响着投资者的经济利益；同时，结算价为交割提供了基础，确保了交割过程的规范性。因此，在期货交易中，结算价的使用是不可或缺的。

首先, let's understand what settlement price is. Settlement price refers to the last trading price announced by the futures exchange based on the market conditions on the expiration date or last trading day of the futures contract. It serves as the pricing benchmark for futures contracts and determines the final profit or loss of the contract before delivery. Therefore, the determination of settlement price is crucial.

So, why is settlement price key in futures trading? Firstly, settlement price provides a reference price for the market. The futures market has a large number of buyers and sellers, and there are significant trading activities every day. Settlement price is the weighted average price of these transactions, reflecting the supply and demand situation and trading activity in the market. By paying attention to the settlement price, investors can understand the overall market trend and make informed investment decisions.

Secondly, settlement price is also the basis for valuing futures contracts. In the futures market, investors can engage in long or short trading, i.e., buying and selling futures contracts simultaneously. Through the settlement price, investors can calculate their profit or loss and the market value of their contracts. If the settlement price is higher than the purchase price, investors will make a profit; if the settlement price is lower than the purchase price, investors will incur a loss. Therefore, settlement price directly affects investors' economic interests.

Furthermore, settlement price is also the foundation for futures delivery. Although the primary purpose of futures trading is not physical delivery, delivery still needs to take place on the expiration date or last trading day of the contract. Settlement price serves as the pricing benchmark for delivery. The delivery price is usually determined based on the settlement price, plus a certain premium or discount. By using settlement price as the key, the delivery process can be more standardized and fair.

In conclusion, settlement price plays a crucial role in futures trading for several reasons. It provides a reference price for the market, helping investors understand market trends. It also serves as the basis for valuing futures contracts, directly impacting investors' economic interests. Moreover, settlement price establishes the foundation for delivery, ensuring the standardization of the delivery process. Therefore, settlement price is indispensable in futures trading.