Is contract futures up or down before delivery?
Not necessarily. What you said is a forced position. If the delivery is near, the main force of empty orders is out of stock, and the main force of multiple orders can indeed stage forced positions. However, this kind of market will be disturbed by the exchange, such as substantially raising the margin, talking about long and short main forces and so on. Although there are many kinds of futures in China, there are not many hedges in many varieties. For example, Coca-Cola, you should know that state-owned enterprises are like this, which is a hedge to avoid risks. But the leaders don't think so. If the price goes up, they will lose money and sell at a low price. If the spot loses money, it will lose money. It is the country that loses money, not me. It is better to do one more thing. Therefore, there are not many companies that are really short. In this case, the speculative market is in full swing, and the exchange is under great pressure when the delivery is approaching. It is necessary to ensure long and short positions, and we do not want to kill more and more short positions.