The whole process of futures operation can be summarized as two parts: opening position, closing position or physical delivery. Opening a position, also called opening a position, refers to the operator buying or selling a certain number of futures contracts. However, physical delivery is carried out by a few speculators and hedgers. Generally, before the end of the last operation day, they will buy back the futures contracts they bought and sold, that is, they will write off the original futures contracts through an equal number of futures operations in opposite directions. This clearing futures operation relieves the obligation of physical delivery at maturity. This behavior of buying back a sold contract or selling a bought contract is called liquidation. In this case, closing positions in futures operations can be simply understood as investors buying or selling the same number of contracts as before but in the opposite direction to hedge and offset positions. Therefore, only individual investors do not want to close their positions in futures operations to achieve physical delivery, and there will never be a situation where they want to close their positions but cannot close them.