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If I hold a futures contract till the delivery day, what price should I pay for the commodity delivered to me, the price of the futures contract when I bought it, the price of the last transaction at the last trading day, the average price of the last trading day, or the average price of the futures contract over all trading days?

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A futures contract is a contract to buy a commodity (or stock, or whatever) for a specified price at a specified time. So if you enter into a contract at a certain price, that's the price you'll pay. The market (spot) price is irrelevant (other than to measure opportunity cost or to determine how much it costs you to get out of the contract at the last minute).

Note that technically you don't "buy" a futures contract. There's no upfront cost for futures. The "price" quoted is the price you must pay at delivery.

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  • I have edited my question, to say the price I bought a futures contract, I mean the price of the commodity indicated in that contract. But I heard that a futures contract does not include the price of the commodity which is variable through time("Given the standardization of the contract specifications, the only contract variable is price.", cmegroup.com/education/courses/introduction-to-futures/…) . Does that mean the price I need to pay at the delivery date is the last price indicated in the futures contract during trading days?
    – William
    Apr 30 '20 at 3:43
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    No- it means that the boilerplate contract does not have the price defined - it's filled in when you enter in to the contract. It's like when you get a mortgage on a house - most of the contract is filed in with blanks left for the amount, interest rate, etc. to be filled in later.
    – D Stanley
    Apr 30 '20 at 12:07

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