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What is the operation of futures liquidation? I'm a little confused! Normal futures expire. If physical delivery is needed, who should it be delivered to? Looking for the first seller?
First of all, futures delivery can only participate in physical delivery through legal person accounts. The natural person account cannot enter the delivery month, and the natural person account must be closed on the last trading day before the delivery month, otherwise the exchange rate will be flat.

Secondly, futures can be moved to the next main contract, and then open positions in another contract after closing positions. The number of long and short futures orders is equal. Unless it is an unpopular contract, it is generally possible to close the position.