First of all, individuals are generally unable to deliver. Generally, before entering the delivery month, retail investors are the main force to change the month, and there are few contracts still in circulation, and the transaction volume has dropped sharply. At this time, if retail investors still hold contracts, there may be open pending orders.

The closer to the delivery month, the higher the margin ratio is, which is very inappropriate for speculative retail investors, so the exchange stipulates that retail investors cannot enter the delivery month.

Futures contracts have a time limit, and commodity futures are delivered in kind when they expire. If it is held until the delivery month, there is a risk of passive delivery, but the natural person customer has no spot, so the exchange has requirements for the position of the natural person customer. At present, only domestic enterprises can deliver futures.