According to the delivery rules of Zhengzhou Commodity Exchange: since the first trading day of the delivery month, natural person customers are not allowed to open new positions, and the trading ownership forcibly closes the positions of natural person customers in the delivery month.
According to the delivery rules of Shanghai Futures Exchange, after the closing of the third trading day before the last trading day of a futures contract, the position of natural person customers in the futures contract should be 0 lots. From the second trading day before the last trading day, the positions of natural person customers in the delivery month will be closed directly by the exchange.
However, the stock index futures and treasury bonds futures of China Financial Futures Exchange have no such restrictions. Therefore, the futures exchange in China does not allow natural persons to participate in the delivery of all commodity futures, and only allows financial futures.
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.