Will close the position, the two sides of the transaction will close the expired open position contract through the transfer of ownership of the goods contained in the futures contract. There are two delivery methods: cash delivery and physical delivery: cash delivery refers to the expiration date of the contract, which calculates the profit and loss of the difference between the buying and selling price and the settlement price on the expiration date, and settles the profit and loss to the corresponding party respectively, and the period does not involve the physical delivery of the target;

Physical delivery refers to the expiration date of the contract, when the seller delivers the corresponding goods to the delivery warehouse designated by the exchange according to the quality and quantity, and the buyer delivers the corresponding money to the exchange to fulfill the futures contract. General financial securities futures contracts are mainly cash transactions, and commodity futures contracts are mainly physical delivery.

Extended information commodity futures usually use physical delivery, some varieties of financial futures use physical delivery, and some varieties use cash delivery. Cash delivery is based on the spot price at the time of delivery as the basis for trading profit and loss and fund allocation, because it does not carry out physical delivery. Therefore, the spot price of varieties for cash delivery should have the characteristics of certainty, and it is standard and unique.

The regional price difference of agricultural products is very obvious, and it does not have the conditions for cash delivery. The trading target of stock index futures is stock index, which is fictitious and unique and more suitable for cash delivery. At present, domestic gold futures cannot be delivered in kind.

Baidu encyclopedia-futures delivery