The expiration date refers to the last transaction date of the contract; The delivery date indicates the delivery date.

The subject matter of futures trading is actually a standard contract. The subject matter of a contract is a specific commodity.

Taking natural rubber as an example,

The delivery months are 1, 3, 4, 5, 6, 7, 8, 9, 10,1.

Then the corresponding tradable contracts are 120 1, 1203, 1204, 1205, 1206, 1207,/kloc.

The last trading day of each contract is the contract delivery month 15.

That is to say, for contract 1205, May 15 is the last trading day of contract 1205. Since May 16, there is no 1205 contract in the market.

The delivery date of the 1205 contract is May 16 to 20. That is to say, the holders of the 1205 contract did not open their positions before May 15, regardless of the buying direction or the selling direction. From May 16 to May 20, the physical goods must be cashed according to the size of the contract held.