Many people think that the closing price and settlement price of futures are the same, but they are actually different. The differences are as follows:

Futures closing price: refers to the transaction price of the last contract at the end of futures trading time;

Futures settlement price: refers to the weighted average price of all transaction prices on the day of a futures contract according to the total volume. The calculation method is: total transaction amount ÷ total transaction number. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.