The first price of a day's trading is the opening price, which consists of all the orders before the opening (three conditions are met: the orders above the opening price must be closed, and the orders below the opening price must be closed, with the largest volume).

The closing price is the last price of a day's trading, which is due to the centralized matching of all orders 1 minute before the closing price.

The settlement price refers to the price used when clearing the actual amount payable by the counterparty (futures transactions are prepayment transactions, and overdraft and leverage operations are allowed: 100 yuan is 10 yuan).

The settlement price is also used to settle physical delivery (if you buy100t soybean futures, if the goods are unfair at maturity, you will buy100t physical goods).

The settlement price is based on different regulations of each exchange. Generally, the closing price on the settlement date shall prevail, and sometimes the average price one day or one week before the settlement date shall prevail.

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