The meaning of warehouse transfer: before the specified warehouse transfer date of commodity futures, first pull out the positive price difference between near-month and far-month futures (trading instruction: buy far-month, short near-month). Next, when fund managers trade positions, they still have to bite the bullet and trade positions in the face of the existing positive spread (trading instructions: buy far months and short near months). At this time, the "speculators" who open positions will easily transfer their positions to commodity funds (trading instructions: short the far month and buy the near month). This kind of trading action happens to be the opponent of fund managers, contrary to the positions they have established, and the positions are cleared smoothly.

The content of this article comes from People's Republic of China (PRC) Financial Code: Application Edition by China Law Publishing House.