Under normal circumstances, futures contracts have the longest instruction time. For example, CU 1202 represents a copper futures contract due for delivery in February 20 12.

At present, the longest copper futures contract term is 65438+February 2002. But we usually do not operate forward contracts, but choose the contracts with the largest number of households and positions, such as CU 1 104, 1 105 at present.

Therefore, it mainly depends on the popular operating varieties of the transaction, and rarely refers to the distance of time. Of course, if it is a company or trader specializing in arbitrage, it may involve this piece.