Q 1: Risk itself is a great cost. Although risks include profits and losses. You should remember that loss is not only a cost, but also a potential loss. The company erased the risk by hedging, that is, saved the cost.

Q2: Generally speaking, the so-called buyer-seller refers to whether the positions held by investors are mainly buying or selling. If the main thing is to pay the bill, it is that the bulls are the buyers. If it is mainly selling orders, it is a short seller. For any specific transaction, there must be a buyer and a seller. In our life, we appear as buyers when we consume products, but as sellers when we provide services and earn wages. So it is not surprising that there are two roles in a person.

Q3: There is no tax on the profits of futures trading, unless it involves the physical problem of delivery, which will involve value-added tax.

Q4: As a hedger, with warehouse receipts as collateral, the capital requirements are not as strict as those of ordinary speculators. I don't quite understand your so-called hedging and holding cost.

Q5: Delivery will definitely be troublesome. But there may be a price difference and there is room for arbitrage. As long as it does not converge with the spot price, there is bound to be arbitrage space, and some people will inevitably seek delivery.