聚丙烯期货超过交割时间会怎样

Core Viewpoint - The article outlines the mandatory handling mechanisms for polypropylene futures that remain open or incomplete after the delivery period, emphasizing the consequences for both individual and institutional investors [2][3]. Group 1: Mandatory Handling Mechanisms - Individual clients are prohibited from holding futures contracts entering the delivery month; if not closed before the last trading day, the futures company will forcibly close positions after the last trading day, with any resulting losses borne by the investor [2]. - Institutional investors or those in the delivery process but not fulfilling obligations will face delivery defaults, with specific penalties for sellers and buyers [2]. Group 2: Penalties for Default - Seller default: If the seller fails to submit sufficient standard warehouse receipts by the last delivery day, they must pay a penalty of 20% of the contract value for the defaulted portion to the buyer, and the delivery will be terminated [2]. - Buyer default: If the buyer does not pay the full amount by the closing of the last trading day, they must pay a penalty of 20% of the contract value for the defaulted portion to the seller, and the delivery will be terminated [2]. - Mutual default: If both parties default, the exchange will terminate the delivery and impose a fine of 5% of the contract value for the defaulted portion on each party [2]. Group 3: Key Delivery Process Dates - Last trading day: The 10th trading day of the contract month, where positions must be closed or prepared for delivery before the market closes [3]. - Last delivery day: The third trading day after the last trading day, where the seller must submit warehouse receipts and the buyer must complete payment [3]. - Warehouse receipt registration: The seller must complete standard warehouse receipt registration by the close of the first trading day after the last trading day; failure to do so will be considered a default [3].