1. An important prerequisite for enterprise futures hedging is that the futures price is consistent with the spot price. The delivery link in the futures market is the spot contact point, which is an important reason to ensure the consistency of futures and spot prices.

2. Know why the futures and spot prices tend to be consistent in the delivery link. There are many speculators in ordinary contracts, but the positions entering the delivery month are basically for delivery, and both parties in the futures market will refer to the spot price. Whether it is high or low, is it cost-effective for the futures market to buy and sell through delivery? If it is not cost-effective, it will cause price fluctuation and let the price run near the cost-effective position. If there is no way to make the price run close to the price/performance ratio, you can consider hedging the position.