The margin collected before the expiration of the transaction is equivalent to the liquidated damages set to prevent delivery after the expiration. The closer to the delivery date, the higher the margin ratio.
Ordinary investors don't hedge, investors who only speculate should hedge and close their positions before maturity, otherwise they will have to pay the position fee after physical delivery, there is no sales channel, and the delivery funds are large! "spend money to find a guilty type"
* Position fee: the spot holding cost such as management fee and transportation fee for holding inventory goods.
* Hedging: In order to prevent the spot market from rising or falling, whether buying or selling futures contracts in the futures market rises or falls, there is always a market profit, which can be used to make up for the losses in another market, thus achieving the function of hedging.
* Hedging liquidation: Futures contracts are standardized contracts formulated by exchanges. When you open a position, you buy or sell a contract. In order to avoid physical delivery, you must close the position by selling or buying the same contract when opening the position.