Futures trading is only a forward contract. The content of the contract is in accordance with the regulations of the futures exchange, such as copper 1008, which stipulates that primary (5 tons) standard cathode copper should be delivered and traded in the warehouse of Shanghai Futures Exchange in August of 20 10. Then the price you see now is not the first hand, but how much is a ton. The price of futures in the market is the market's forecast of copper price in August, which changes with the changes of buyers and sellers, economic factors and supply and demand factors of futures. Now you can understand two-way trading. You're selling promises. You said I sold primary copper in August, but I don't necessarily have it now. You can buy the same contract with the same amount after the copper price falls and close the position before the due delivery. Closing the position means that my contract was swallowed by myself and sold to myself. If you are buying a position, you are telling others that if I buy a contract that expires in August, others will trade with you and buy someone else's contract. This other person can be an exchange or an individual. If it is an exchange, it is called opening a position. If it is an individual, it is called opening a position or changing hands. Your own sales contract cannot be closed. It should be reminded that if the contract expires, for example, you now have a contract of 5 tons of copper that expires in May, then you need to buy 5 tons of standard cathode copper in the spot market and then go to the warehouse designated by the Shanghai Stock Exchange to sell the 5 tons of copper to the Shanghai Stock Exchange, and then charge the Shanghai Stock Exchange for buying copper. The same is true of buying.
The deposit system is a kind of guarantee. You use 1000 yuan to ensure that you have 10000 yuan. If you call 1000, it's 10000. When the contract expires, it needs to make up 1 10,000 yuan for spot trading. Your money has been enlarged several times, and your risks and profits have been enlarged so much.