Question 1: I sold the contract in March because the price was the highest in March, and the delivery time in March was after 65438+February 7, so he could close his position at any time ... in other words, he had enough time to choose the closing time before March of the following year.

Question 2: Very simple. It started on August 7th, didn't it? I'm worried that the stock price will fall in the next four months. August 7th plus four months is 65438+ February 7th, which is the answer to the second question. He needs hedging before 65438+February 7, and then he doesn't need it.

Handmade originality ... getting points ... is very hard.