In commodity futures trading, the direct object of buying and selling is the futures contract, not the commodity itself. Futures contract is a standardized contract, which promises to deliver a certain quantity and quality of goods at a specific time and place in the future.

However, the price of futures contracts is determined by the relationship between market supply and demand and investors' expectations of future commodity prices. Investors predict the trend of commodity prices by buying and selling futures contracts, so as to gain or avoid losses.

In the course of trading, investors do not actually own or deliver the goods, but make cash settlement or physical delivery when the contract expires. If investors hold long positions (that is, buy contracts) when contracts expire, and commodity prices rise, they will make profits; On the other hand, if commodity prices fall, they will face losses.

Therefore, commodity futures trading is actually buying and selling futures contracts, and the price of the contract reflects the market's expectation of future commodity prices. Investors make risk management and investment decisions by participating in futures trading. It should be noted that futures trading has high risks, and investors should make decisions on the basis of fully understanding the market and risks, and choose appropriate trading strategies according to their own risk tolerance and investment objectives.