Most futures traders never want to make or take delivery of 100 ounces of gold or 5,000 bushels of corn. Two dates decide whether that can happen to you: first notice day and last trading day. Knowing them is the difference between a routine roll and an unpleasant call from your broker.
The dates in the delivery cycle
| Date | What happens |
|---|---|
| First position day | Short position holders can announce their intention to deliver. Usually one business day before first notice day. |
| First notice day (FND) | The clearing house can assign delivery notices to holders of long positions. From here on, a long position can end in delivery. |
| Last trading day (LTD) | The contract stops trading. Open positions are settled – by delivery or, for cash-settled contracts, in cash. |
| Last delivery day | The final day on which delivery can take place. |
Which contracts have a first notice day?
Only physically delivered contracts. Cash-settled contracts have no delivery process and therefore no first notice day – you can hold them until they expire.
| Settlement | Examples on FuturesSpecs | First notice day |
|---|---|---|
| Cash-settled | ES, NQ, YM, RTY, micros, BTC, ETH, GF, HE, SOFR, Fed Funds | None |
| Physical, notices before expiry | GC, SI, HG, PA, PL, ZN, ZB, ZC, ZS, ZW, KC, CC, CT | Before the delivery month |
| Physical, delivery after expiry | CL, NG, HO, RB, SB, 6E and other currencies | No separate notice before the last trading day – exit before expiry |
Current examples
- Gold (GC): GCZ26 – first notice Mon, Nov 30, 2026, last trading day Tue, Dec 29, 2026. There is almost a month between the two – but speculative longs need to be out before the first date, not the second.
- 10-Year T-Note (ZN): ZNZ26 – first notice Mon, Nov 30, 2026, last trading day Mon, Dec 21, 2026.
- Corn (ZC): ZCZ26 – first notice Mon, Nov 30, 2026, last trading day Mon, Dec 14, 2026.
- Coffee (KC) follows ICE rules: first notice is seven business days before the delivery month starts – for KCZ26 that is Thu, Nov 19, 2026.
Each contract page lists these dates for the next six contract months under Roll dates, first notice & expiration.
Why longs have to watch first notice day
Delivery is initiated by the short side. A short can choose to deliver; a long cannot refuse. That is why the risk sits with long positions. Most retail brokers do not allow delivery at all and will close long positions automatically a few days before first notice – usually at market, often with an extra fee. Shorts are normally given more time, but most brokers still require them to exit before the last trading day.
A simple checklist
- Check whether your contract is cash-settled or physically delivered (see Settlement in the contract specifications).
- If it is physical, note the first notice day for your contract month – not just the last trading day.
- Plan the roll a few days earlier, when the next month is already the most liquid. See futures roll dates explained.
- Check your broker's own liquidation deadline. It can be earlier than the exchange dates.
Educational content only – not investment advice. Futures trading involves substantial risk of loss.