In general, the futures price is higher than the spot price, that is, the premium. On the delivery day, both sides will try their best to level their positions. Futures prices are close to spot prices. The higher the premium, the higher the desire of bulls to close positions, and the easier the price to fall, while the futures market will affect the spot and drive the spot market to fall.

Delivery of stock index futures: according to the difference between the "price" of your futures contract and the actual "price" of the current spot market, it is equivalent to closing the position at the spot "price" on the delivery date. Stock index futures are delivered in cash. The so-called cash delivery means that there is no need to deliver a basket of stock index components, but the spot index on the maturity date or the next day is used as the final settlement price, and the position is closed through profit and loss settlement at the final settlement price.

Take the stock index of a stock market as an example. Suppose there is an "index futures contract with a price of 1 100 at the end of February". If most investors in the market are optimistic. If you think the "price" of this index will exceed 1 100 in the future, you can buy this stock index futures. If 165438 expires at the end of February, the purchase contract you still hold needs to be delivered, and the contract price points are 1 100. At this time, the settlement price point of the stock spot market index is 1 130 points, so you can get the price difference compensation of 30 points, which means you earn 30 points. On the contrary, if the settlement price of the index is 1050 points, which is 50 points lower than your purchase price, you must take out 50 points to subsidize it, which means you lose 50 points. Of course, the so-called "points" of earning or losing are meaningless, and these points must be converted into meaningful monetary units. The specific conversion amount is agreed in advance in the stock index futures contract, which is called the contract multiplier. If the contract multiplier of stock index futures is 100 yuan, that is, the value of each point is 100 yuan, then a profit of 30 points means a profit of 3000 yuan. Suppose the point of stock index futures is 1000, and the value of a contract is 100000 yuan. At present, the Hang Seng Index in Hong Kong is about 15600, and the contract multiplier is HK$ 50. In this way, the value of a Hong Kong Hang Seng Index futures contract is about HK$ 780,000.