(1) Transaction quantity and unit terms. The futures contract of each commodity stipulates a unified and standardized quantity and unit of quantity, which are collectively called "trading units".
(2) Quality and grade terms. Commodity futures contracts stipulate unified and standardized quality grades, and generally adopt internationally recognized commodity quality grade standards. For example, because soybeans in China account for a large proportion in international trade, Nagoya Grain Exchange regards domestic soybeans in China as the standard of soybean quality grade.
(3) Terms of delivery place. Futures contracts specify a standardized and unified delivery warehouse for the physical delivery of futures transactions to ensure the normal delivery of physical objects.
(4) delivery terms. Commodity futures contracts stipulate the physical delivery month, and generally stipulate several delivery months, which are chosen by traders themselves.
(5) the lowest price change clause. Refers to the minimum allowable variation range of the quotation of buyers and sellers in futures trading, and the price variation range at each quotation must be an integer multiple of this minimum variation price.
(6) Maximum daily price fluctuation restriction clause. The transaction price of a futures contract on a certain trading day cannot be higher or lower than the settlement price of the previous trading day. If this range is reached, the transaction of the contract will be suspended.
(7) Terms of the last trading day. Refers to the deadline for futures contracts to stop trading. Every futures contract has a certain month limit. On a certain day in the contract month, the trading of the contract will be stopped and the physical delivery will be prepared.
In addition, futures contracts also include terms such as delivery method, liability for breach of contract, and liquidated damages for breach of contract.