Author: 分析师 卢明宇
Gold futures trade in separate contract months, each with its own last trading day and delivery schedule. SHFE product information states that the last trading day for its gold futures contract is the 15th day of the contract month, subject to a holiday postponement and possible exchange adjustments for periods such as the Spring Festival. The page also lists physical delivery and a delivery unit of 3,000 grams. Confirm dates and procedures against current exchange rules and futures-company notices.
This differs from an ongoing price position in a spot-gold account. Expiry is part of the futures contract structure. For what different gold products represent, see the structural differences among spot gold, gold futures and gold ETFs.
Three common choices before expiry
Close: end the position in that contract. During permitted trading hours, sell an existing long or buy to offset a short. Once the position is zero, it no longer carries that contract's subsequent price exposure or delivery arrangements. Closing has execution costs, and the fill price can be affected by liquidity and volatility.
Deliver: complete physical exchange under the contract rules. SHFE gold futures use physical delivery, and its product page lists a delivery unit of 3,000 grams. Check delivery eligibility, account and invoice requirements, notice procedures, funds and storage arrangements, as well as deadlines set by the futures company. The applicable exchange rules and broker instructions govern delivery conditions.
Roll: close the expiring month and open a later month. A roll generally involves two trades: end the old-month position and open the new-month position. It maintains price exposure; it does not automatically extend the old contract's expiry date. The two contracts have a price difference, and rolling involves fees, bid-ask costs and execution-timing risk.
The calendar spread affects how a position carries over
Deferred and nearby contracts may trade at different prices; the difference between contract months is often called the calendar spread. When rolling, compare both the closing price of the old contract and the opening price of the new one. A spot-gold quote or a continuous chart of the most active contract may not show the actual spread between those two contracts.
For example, a trader holding a nearby-month long who chooses to roll must sell the nearby contract and buy the deferred contract. If the deferred contract is priced above the nearby one, the new position opens at a higher price; if it is below, the relationship is reversed. The spread can change with interest rates, storage and financing conditions, and may widen or narrow. The eventual result depends on the price paths of both contracts at entry, exit and roll; a spread observed at one moment alone does not establish the return.
Rolling does not remove futures risk. The new contract still fluctuates, margin requirements may change, and the two orders may fill at different times or face slippage or insufficient liquidity. Before trading, record the old and new contracts, quantities, expected spread, fees and the plan if one order does not fill.
A continuous chart of the most active contract can help follow price trends. To confirm expiry timing or roll cost, switch to the actual contract code and check prices for both months. The platform defines how its continuous series is joined or adjusted; that series does not replace the execution record for a specific expiring contract.
Use a position checklist to decide
Before the delivery stage, write down four items: contract code and month; the last trading day and any current exchange adjustment; whether you are eligible and willing to meet delivery conditions; and the expected execution method and costs if you close or roll. Follow exchange and futures-company deadlines. An order still being accepted by a system does not establish that an account may hold it until the end.
The SHFE product page lists 1,000 grams per lot for trading and a 3,000-gram delivery unit. The first is used for trading and profit-and-loss calculations; the second describes the delivery standard. Confirm eligible delivery quantities and procedures under current rules. Traders who do not plan to deliver should ask their futures company in advance about forced liquidation, position limits or expiry handling. For a gold product with a deferred-delivery mechanism, see how Au(T+D) handles deferred delivery; its rules differ from futures expiry.
The statements about the last trading day, physical delivery and 3,000-gram delivery unit are based on SHFE's published product information; rules can change, so current notices and futures-company instructions govern. The roll example explains the sequence and is not a current nearby-versus-deferred spread. Futures prices, margin, execution slippage and delivery conditions all affect the outcome. Verify account arrangements and the risks you can bear before trading.
Source: SHFE gold futures product information. Parameters may change with updated rules.