2. The monthly delivery contract is very inactive and unstable. It may be relatively easy for investors to close their positions in the early stage, but it will be more difficult to close their positions in the future. In case of violation of the provisions of the exchange on the entry of positions into the delivery month (explained below), the exchange will forcibly close the position, and the profit and loss of closing the position will be returned to the futures exchange, and the losses will be borne by itself.
3. After the futures contract is delivered, the trading volume will gradually shrink, and it is not easy to close the position, because there are not many short positions and long positions. Therefore, it is more reliable to take the initiative to close the position before entering the delivery month.
4. There are five major futures exchanges, such as Zhengshang Exchange, Dashang Exchange, CICC, Futures Exchange and Energy Center. However, except for CICC, which supports natural person investors to hold positions until the delivery month, the futures listed on the other four exchanges do not support natural person investors to hold positions until the delivery month, and they need to take the initiative to close their positions before the last trading day. Otherwise, on the last trading day, the position will be forced to close.
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I. Liquidation Regulations of China Futures Exchange
1, Shanghai Futures Exchange
(1) stipulates that individual investors can hold positions to enter the delivery month, but there is a corresponding limit on the number of lots.
(2) For example, if the investor Mr. Wei holds the first-grade rebar RB 190 1 contract in February of 20 18, the delivery month of the contract is naturally 20 19 1.
2. Dalian Commodity Exchange and Zhengzhou Commodity Exchange
(1) stipulates that individual investors of these two exchanges are not allowed to enter the delivery month and need to close their positions on the trading day before the contract enters the delivery month.
(2) For example, investor Ms. Li bought the opening contract of second-hand soybean meal M 190 1 in February, 20 18. Because soybean meal is a variety of Dalian Commodity Exchange, individual investors can't hold positions in the delivery month stipulated by Dashang, so Ms. Li will do it in February, 20 18 at the latest. If Ms. Li fails to liquidate her position in time after being reminded by the futures company by telephone, the Exchange will forcibly liquidate Ms. Li's position on 20 19 (the first trading day of the month), and the result is still that the profit will go to the Exchange, and the loss will be borne by Ms. Li herself.
3. China Financial Exchange
(1) stipulates that individual investors in stock index futures can trade until the last trading day of the contract. If the position is not closed on the last trading day, the exchange will make direct cash delivery according to the settlement price of the day (the arithmetic average price of the last two hours of the underlying index on the last trading day). It should be noted that the open position will be delivered before the closing of the last trading day, and the delivery fee is several times the opening fee.