The main futures contract refers to the contract with the largest position. Usually, the contract with the largest position has the highest activity in the market and the easiest transaction, so the turnover is also the largest. So almost all investors will participate in the contract. But unlike the stock contract, it has a cycle limit and is delivered on the last trading day of the contract.

Every month, there will be such a stage in industrial futures: the trading volume of long-term contracts with small positions is greater than that of main contracts, and the phenomenon that long-term contracts increase positions and futures main contracts reduce positions is usually called moving positions. In fact, accurately speaking, moving positions is a process of closing positions in recent contracts and then opening positions in forward contracts in the same direction as the original positions, and there are transaction costs in this process.

The content of this article comes from: China Law Publishing House "General Knowledge Series of Legal Life"