Commodity futures, domestic intraday trading time is 4 hours. External trading takes longer, up to 24 hours. The design of trading mechanism is also different, such as price limit and so on.
There are many retail investors in the domestic futures market, with a large proportion of speculation and a low proportion of corporate and institutional customers. Foreign futures market participants are mainly institutions and enterprises, which are highly related to economic activities.
The nature of domestic and foreign regulatory agencies is not the same.
Futures market is an advanced development stage of commodity economy, which is related to the maturity of market economy. The foreign market economy system is relatively perfect and developed, and the futures market is also relatively standardized and efficient. The pricing of many commodities is based on the price in the futures market. However, the domestic market is still developing and perfecting, and many prices are not determined by the futures market, but by monopoly oligarchs and "guidance".