Converting aluminum futures into cash means that members (customers) with the same month's contracts and opposite directions reach an agreement through negotiation and apply to the exchange. After obtaining the approval of the exchange, the exchange will close the position on its behalf at the price stipulated by the exchange, and exchange warehouse receipts with the same quantity, variety and direction as the subject matter of the futures contract at the agreed price.
Spot trading rules of aluminum futures
1. Cash conversion period: from the first trading day after the last trading day of the contract in the last month of the delivery month to two trading days (including the day) of the last trading day of the delivery month. However, it is not allowed to apply for cash conversion on the last three trading days of the first month before the delivery month of the cash conversion contract.
After reaching an agreement, the members (customers) of the buyer and the seller who hold the contract with the same delivery month shall apply to the Exchange for installment cash before the trading day 14: 00 within the above-mentioned period, and fill in the application form for installment cash uniformly printed by the Exchange.
2. Cash conversion settlement price: the agreed price reached by the members (customers) of the buyer and the seller.
3. Disposal of cash positions during the application period: The future positions of the corresponding delivery month originally held by the buyers and sellers during the application period shall be closed by the Exchange before the application date 15: 00 according to the settlement price of the delivery month contract on the application date.
4. Cash conversion margin: calculated according to the settlement price of the futures contract in the delivery month of the first trading day.
5. Bill exchange (including payment for goods and warehouse receipts): completed in this Exchange before the trading day after the application 14: 00.
6. Transfer payment: All future cash transfers will be made by internal transfer.
7. Value-added tax: The seller shall submit a special VAT invoice to the Exchange within seven days after handling the cash exchange procedures, but not later than the penultimate trading day of the current month.