Futures delivery refers to the process that when the futures contract expires, both parties to the transaction transfer the ownership of the goods contained in the futures contract and finally settle the contract at the end of the period. There are two delivery methods: cash delivery and physical delivery: cash delivery refers to the expiration date of the contract, which calculates the profit and loss of the difference between the buying and selling price and the settlement price on the expiration date, and settles the profit and loss to the corresponding party respectively, and the period does not involve the physical delivery of the target; Physical delivery refers to the expiration date of the contract, when the seller delivers the corresponding goods to the delivery warehouse designated by the exchange according to the quality and quantity, and the buyer delivers the corresponding money to the exchange to fulfill the futures contract. General financial securities futures contracts are mainly cash transactions, and commodity futures contracts are mainly physical delivery.

Closing a position refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but in the opposite direction, and close futures trading. The whole process of futures trading can be summarized as opening positions, holding positions, closing positions or physical delivery. An open contract after opening a position is called an open contract or an open contract, also known as a position. After opening the position, traders can choose two ways to close the futures contract: either choose the timing of closing the position or reserve it for physical delivery on the last trading day.