Futures are standardized forward contracts. The delivery time of forward contracts is agreed by both parties, while the delivery time of futures is stipulated by the exchange. The transaction amount of forward contracts shall be agreed by both parties, and the transaction amount of futures shall be in the unit specified by the exchange.

For example, Party A and Party B agreed that after 100 days, Company A would buy 100 tons of copper from Company B at a price of 53,000 tons. This agreement is a long-term contract, which is reached by both parties through negotiation.

As far as futures are concerned, the delivery time and price are set and standardized by the exchange.

For example, a company buys 100 tons of copper in the futures market, but the delivery time may not be exactly 100 days later, and the price may not be 53,000/ton. Everything depends on the exchange.