In commodity futures trading, individual investors have no right to hold positions before the final delivery date. If you don't close your position by yourself, your position will be forcibly closed by the exchange, and all the consequences will be borne by the investors themselves. Only the spot enterprises that have applied to the exchange for hedging qualification and obtained approval can hold their positions until the final delivery date and enter the delivery procedure, because they have hedging needs and qualifications.
Extended data:
The factors affecting the delivery date effect of stock index futures mainly include: the determination of the final settlement price, the structure and behavior of investors, the trading mechanism and depth of the spot market, and whether there are multiple derivatives to be settled at the same time. The root cause is the cash delivery system.
In order to ensure the smooth delivery of the expired contract, it is required that the customer's trading account must leave enough delivery margin at the time of delivery. Therefore, from the first five trading days of the last trading day, every trading day will rise by 10%.
The customer holds the deposit until the last trading day. This time zone is called the additional period of the delivery bond, which is referred to as the delivery period for short.
Baidu Encyclopedia-refers to the delivery date