As long as it does not finally enter the delivery link, that is, it is held until the end of the delivery date, there is still no liquidation, but the counterparty is clearly defined under the cooperation of the exchange. One party pays the full amount, and the other party delivers the full amount warehouse receipt.

When futures enter the delivery month, the trading margin will gradually increase and the transaction cost will gradually increase, with the aim of reducing delivery and driving away the speculative share. Turn to the follow-up far-month contract as soon as possible to realize rolling trading, form forward price and achieve the purpose of finding forward price; It is also to reduce the burden of monthly delivery, balance monthly delivery and design the ro-ro system.

Therefore, until the delivery date, in addition to the highest margin, it is still bidding, price priority, time priority, and the counterparty is uncertain.

Of course, with the gradual reduction of positions, there may be fewer and fewer participants, or even only two. However, the exchange will not disclose who these two companies are. In addition, you can still open positions on the same day, join the ranks of holders, participate in speculation, or participate in delivery without opening positions.

In fact, almost all traders who seize the trading opportunity on the delivery date have funds and spot digestion channels.

The liquidation within the delivery date of futures is a hedge between buyers and sellers. If the open position is transferred to delivery, the seller's position becomes the actual warehouse receipt goods. The buyer is usually a spot seller, or it may be a powerful financial institution or a large family. Just like in the spot market, they buy warehouse receipt goods in full.