2. The previous trading day was expansion and the next day was contraction.

Take Zhengzhou Stock Exchange as an example, there are two situations. One is the listing of new varieties or new monthly contracts. The Measures for the Management of Trading Risk Control stipulates: "On the day when new varieties of futures contracts are listed, the price limit is three times that agreed in the contract; On the day when the futures contract is listed in the current month, the price limit is twice the price limit stipulated in the contract. " For example, on the first trading day of new varieties and new month contracts, the trading volume is very large at the low level, and the price is raised at the end, but the settlement price is very low. Therefore, after the next day's ups and downs return to normal, the daily limit may be lower than the closing price of the previous day.

Secondly, under the normal trading conditions of non-new varieties and new month contracts, if there is a daily limit the day before, the daily limit will be expanded by 50% the next day. If there are a large number of low-level transactions similar to the above on the second day, the closing price will be raised at the close but will not continue to close with the daily limit (the settlement price is very low), and the closing range of the next trading day will return to normal, then the price of the daily limit may be lower than the closing price of the previous day.

3. Similar to the above situation, in some cases, even if there is no expansion and contraction board, the "board price" of the next day may be lower or higher than the closing price of the previous day.

Take Zhengzhou as an example. For example, the settlement price of wheat on the first day of a month is 2000 yuan, and the daily limit and daily limit on the second day are 1940 yuan and 2060 yuan respectively (up or down by 3%). If we say that because of the news that the wheat warehouse receipt increased greatly the day before yesterday, the price dropped sharply after the opening, fluctuating between 1940- 1960 all day, but the news that "the country raised the purchase price of wheat" came out at the end of the day, and the price suddenly rose in the last ten minutes and finally closed at 2050. Since the transactions are mainly concentrated between 1940- 1960, the settlement price is relatively low. Assuming the settlement price is 1970 yuan, the daily limit on the third day is 2029 yuan, which is lower than the closing price of the previous day.

The situation of other exchanges is similar to the situation that the daily limit is higher than the closing price of the previous day.