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What do you mean by a futures contract?

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What do you mean by a futures contract?
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A futures contract is a financial contract in which two parties agree to exchange a set of financial instruments or physical commodities for future delivery at a specified price. By buying a futures contract you are agreeing to buy something has not yet been produced.. . Futures contracts and transactions in the futures market are extremely specuative and not for the risk adverse investor.
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In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a set price specified on the last trading date. The future date is called the delivery date or final settlement date. The set price is called the delivery price or settlement price.
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