As far as futures contracts are concerned, the delivery date refers to the date when the goods must be delivered. In commodity futures trading, individual investors have no right to hold positions before the final delivery date. If they don't close their positions themselves, they will be forced to close their positions by the exchange. Only the spot enterprises that apply for hedging qualification from the exchange and get approval can hold their positions until the final delivery date and enter the delivery procedure.

The expiration date of a futures contract is the last trading day, that is, the deadline of the settlement month allowed by a futures or option contract. The final trading day of the contract must be settled in cash, financial instruments or according to the agreement of the futures contract.

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