Futures are one to one. If you have 1 hand, you must be free. Short 10 hands, someone must have done more than 10 hands. At this time, the position is 10 lot. Automatic delivery after maturity, but there is an extra handling fee. So try to deliver it to next month before the due date.

The so-called hedging, for example, if you have 120 1 hand cotton, then you buy 10 hand cotton 120 1 and sell 10 hand cotton 1205. That is independent delivery.

This situation mostly occurs at the end of a wave of market, and the synchronous contraction of trading volume and positions proves that both long and short parties or one of them lose confidence in the market outlook and the funds are gradually withdrawing. If this situation continues to develop, it will provide favorable conditions for the intervention of new funds and become a precursor to change.

Extended data:

The increase in positions indicates that funds are flowing into the market, and the differences between long and short sides on price trends are increasing; The decrease in positions indicates that funds are losing, and the trading interests of both long and short sides are declining. In theory, the positions in the futures market are infinite, especially in the case of "forced positions", which often create huge amounts.

The relationship between positions and prices is mainly reflected in: in the upward trend, the increase of positions is a trend signal of steady increase, while the decrease of positions means that prices may turn into shocks or even decline in the later period.

In the downward trend, as long as there is no obvious decline in positions, it is a bearish signal. In fact, positions represent market sentiment. After the divergence accompanied the price movement to a certain extent, the result gradually became clear, and the trend of losing or profiting parties leaving the market ended.

Baidu Encyclopedia-Position