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What are the terms of the futures contract?
Futures contracts are the objects of futures trading. It is by buying and selling futures contracts that participants in futures trading transfer price risks and gain risk returns. What are the terms of the futures contract?

Quantity and unit clause

The futures contract of each commodity stipulates a unified and standardized quantity and unit of quantity, which are collectively called "trading units". For example, the Chicago Board of Trade limits the price of each wheat contract to 5000 bushels, or 27.24 kilograms per bushel. If a trader buys a wheat futures contract on an exchange, it means buying 5000 bushels of wheat at maturity.

Quality grade clause

Commodity futures contracts provide uniform and standardized quality standards, and generally adopt internationally recognized commodity quality standards. For example, China's soybeans account for a large proportion in international trade, so China's soybeans are regarded as the standard of soybean quality grade in Nagoya Grain Exchange.

Time clause

Futures contracts are traded at a fixed time. Every exchange has strict rules on trading hours. Generally, it is open five days a week and closed on Saturday, Sunday and national holidays. Generally speaking, each trading day is divided into two periods, namely, the morning period is 9:00- 1 1:30, and the afternoon period is 1:30-3:00.

Quotation unit condition

Quotation unit refers to the unit used to quote futures contracts in the process of open bidding, that is, the unit to measure the price of money. Domestic cathode copper, sucrose, soybean and other futures contracts are all quoted at RMB/ton.

Name clause

The name of the contract shall indicate the name of the contract variety and the name of the listed exchange. Take the sugar contract of Zhengzhou Commodity Exchange as an example. The name of the contract is "Sugar Futures Contract of Zhengzhou Commodity Exchange".

Place of delivery clause

Futures contracts designate standardized and unified delivery warehouses for physical delivery to ensure the normal delivery of physical delivery.

Delivery date clause

Commodity futures contracts specify the month of physical delivery, usually a few months selected by traders. For example, the Chicagoboardoftrade stipulates that the delivery months of wheat contracts are July, September and 65438+February, and March and May of the following year. If a trader buys a contract in July, he can close his position before July or make physical delivery in July.