People who buy and sell futures ultimately need goods or have goods to deliver, and most of them are investors who aim at obtaining the price difference.

Even if hedging is really done, there is no need to go to the delivery step. Price rise and fall, hedging liquidation or changing the month to other contracts have all achieved their goals, and delivery is not required unless delivery is more profitable than liquidation.

The low actual delivery ratio of futures contracts cannot be completely attributed to the speculation in the futures market.

To put it another way, if the delivery ratio of the futures market is high, it is not a futures market, but a spot market.