I just learned about the liquor trade. There is only one liquor exchange in China, Guizhou Liquor Exchange. On the surface, the operation method is the same as the domestic futures model, but it is a T+0 model that can be traded at any time during trading hours. At present, the development is not mature enough, and there must be bookmakers manipulating the market. The direct understanding of the spot exchange from the disk is that it can trade at any time without delaying delivery. The choice of trading time is estimated to be 6 hours a day, just like domestic futures.