2. "Due to the small total positions, huge firm pressure, and the delivery rate is much higher than that of mature markets, all transactions tend to become' spot markets'." That is to say, if there are too few positions in the futures market, it is likely that the warehouse receipts in the delivery warehouse will not be fully or mostly accommodated by the futures market, and the warehouse receipts that cannot be delivered in the futures market will eventually flow to the spot market. Futures exchanges mainly serve the futures market, but in the end, they still have to face the spot market to find buyers for these unsettled delivery warehouse receipts, so all transactions tend to become "spot markets". "