Generally, it is the 25th day of the month when the contract expires, and the third day before normal trading. If the 25th day of normal trading in the current month is a non-working day, it will be postponed by one working day, so most of the time the delivery date is from 16 to 20 of the contract month.

When the futures contract expires, both parties to the transaction end the expired open contract by transferring the ownership of the goods contained in the futures contract. Because futures have the maximum holding time, when the contract expires, it is the date when the goods must be delivered.

In commodity futures trading, individual investors have no right to hold positions before the final delivery date. If they don't close their positions themselves, they will be forced to close their positions by the exchange. Only the spot enterprises that apply for hedging qualification from the exchange and get approval can hold their positions until the final delivery date and enter the delivery procedure.