Hello, the futures delivery date refers to the expiration date of the futures contract, that is, the buyer of the futures contract must pay the payment before the specified delivery date, and the payment made by the buyer must be consistent with the value of the goods actually received by the seller. As the delivery date of futures approaches, futures and spot prices converge, mainly for the following reasons:

First, the fundamental factors are the same. Near the delivery date, the futures market and the spot market are basically affected by external factors such as supply and demand, policy environment, etc., so the futures and spot prices show the same trend.

Second, the spot price affects the futures price. Spot price is an important reference price for futures price changes. As the delivery date approaches, the futures price is more and more influenced by the spot price, so the futures price and the spot price converge.

Third, futures prices are affected by speculation. As the delivery date approaches, speculation in the futures market becomes more active. Short sellers will earn more cash, and long sellers will short futures, so futures prices will also be greatly affected and tend to converge.

Fourth, futures spreads have narrowed. As the delivery date approaches, the spread between the futures price and the spot price will be narrowed due to the speculative behavior of both long and short sides, and finally close to zero, so the futures price will converge with the spot price.

To sum up, when the futures delivery date approaches, the futures price is influenced by external factors and speculation, which makes the futures price and spot price converge. Therefore, when the delivery date approaches, investors should invest rationally according to the actual situation, seize the opportunity of operation and obtain more investment income.