Let me explain:

1. In general months (non-delivery month and one month before delivery), when the total positions (total positions of exchanges) in a month are more than 200,000 lots, the positions (net positions after long and short offsets) of futures companies (brokerage members) shall not exceed 15% of the total positions, and the non-brokerage members (exchange members other than futures companies) shall not exceed 65,438.

2. When the total position of an exchange (month) does not exceed 200,000 lots, the absolute value (net position) is limited instead of the proportion. The positions of futures companies, non-futures company members and investors (individuals or enterprises) are limited to 30,000 lots, 20,000 lots and 10000 lots respectively.

3. One month before the delivery, such as the 09 10 contract, and September 2009 is the month before the delivery, the position limit shall be lowered in the early, middle and late stages respectively, as shown in the figure.

4. After delivery, the positions of futures companies, non-futures company members and investors are limited to 3,000 lots, 1000 lots and 500 lots respectively, that is, the total positions of all customers of futures companies (brokerage members) shall not exceed 3,000 lots (net positions).

5. The above positions are only speculative positions, and the positions are not restricted, but the positions need to be reported and approved separately.