65438+ 10 1 Buy a commodity futures price of 9W and deliver it on February 2 (of course, the last trading day of futures is not this day). There is also a delivery settlement price of 8W.

Then, on February 2nd, the futures positions were closed at the settlement price (loss 1W), and at the same time, they were delivered in kind, with a payment of 8W. This requires-1W (profit and loss) and -8W (payment) (**9W to buy goods).

If the settlement price for delivery on February 2nd is 10W, then you can also close future positions (earn 1W), deliver 10W, and buy physical objects (equivalent to earning 1W+9W) ... or buy physical objects at the cost of 9W.