The short answer for most private traders: no. With a futures contract that is physically delivered, your broker will usually close a long position before the first notice day, with or without your consent. This guide explains what happens in the account around that date, why the rule exists, which positions are not affected and what to do instead. The calendar logic itself – first notice day, first position day, last trading day – is in the First Notice Day vs. Last Trading Day guide.
Who is allowed to hold, and who is not
Delivery is a business between professionals: a metals dealer, a refiner, a grain merchant. A private account has no warehouse, no pipeline connection and no way to pay for 5,000 bushels of corn on delivery day. Brokers therefore protect themselves, and you, with a house deadline. It is usually earlier than the exchange’s own date, and what happens at the deadline differs by broker:
- Automatic liquidation. The broker closes the position at the market, often a few hours or one trading day before the deadline in its rules. You get the fill of that moment, which can be poor in a thin market, and commonly a fee.
- Close-only status. From a certain date you can only reduce the position, not add to it. Some brokers use this a few days before the liquidation.
- Delivery only with approval. A few futures brokers allow delivery for qualified customers who arrange it in advance, for example for COMEX precious metals. That is an exception, not a service for retail trading, and some brokers do not allow physical delivery at all.
Read the delivery rules in your broker’s contract list or terms and ask support if a rule is missing. The deadline in the broker’s calendar is the date that counts for you; the exchange date is the latest it can be.
The deadline depends on long or short
The exchange notice process runs from the seller to the buyer. A short who has not closed can be required to deliver, and a long can be assigned a delivery. That is why the practical deadline for longs is the first position day – one business day before the first notice day. At the exchange, the close of the first position day is the last opportunity; at most brokers the cut-off is earlier. Brokers set a deadline for short positions too. Some use the same date as for longs, others a later one – at Interactive Brokers, for example, the last trading day. Some contracts have no first notice day at all (see the table below).
Which positions are not affected
Financially settled (cash) contracts have no delivery process and no first notice day. In practice you can hold them to the last trading day, where they are settled in cash to the reference price. Examples on this site:
- The equity index futures (E-mini S&P 500 (ES), E-mini Nasdaq-100 (NQ)) and their micros are cash-settled.
- Lean Hogs (HE) and Feeder Cattle (GF) are cash-settled to a CME index, Micro WTI Crude Oil (MCL) and Micro Copper (MHG) to the price of the full-size contract.
The last trading day still ends the trade: the position is closed out at the settlement price, and you cannot hold it further. What happens at that moment is explained in what happens at expiration.
Currency futures such as Euro FX (6E) have no first notice day in the commodity sense, but are physically delivered at the end. At most brokers the same rule applies there, usually a few days before the last trading day; some brokers exempt certain currency futures. Check the date for every contract you hold; they differ by broker.
A look at the dates
| Contract | Settlement | First position day | First notice day | Last trading day |
|---|---|---|---|---|
| GC GCZ26 | physical | Nov 27, 2026 | Nov 30, 2026 | Dec 29, 2026 |
| CL CLZ26 | physical | – | after last trading day | Nov 20, 2026 |
| ZC ZCZ26 | physical | Nov 27, 2026 | Nov 30, 2026 | Dec 14, 2026 |
| ZN ZNZ26 | physical | Nov 27, 2026 | Nov 30, 2026 | Dec 21, 2026 |
| MGC MGCZ26 | physical | Nov 27, 2026 | Nov 30, 2026 | Dec 29, 2026 |
| ES ESZ26 | cash | – | none | Dec 18, 2026 |
Calculated from the contract rules for the active month; confirm with the exchange and your broker. Dates change with every contract month. Crude oil has no first notice day before trading ends – its delivery process starts after the last trading day – so the practical deadline is your broker’s own cut-off, usually a few days before the last trading day.
This cycle the first position day for gold, Treasuries and grains is Fri, Nov 27, 2026, the Friday after Thanksgiving, when CME runs a shortened session with early settlement. Thursday is Thanksgiving, so plan the exit for the Wednesday before at the latest.
What to do instead
- Find the date. Look up first notice day and last trading day of the month you trade and add the broker’s deadline to your calendar a few days earlier.
- Roll before the deadline. Close the expiring month and open the next in the same order, ideally as a calendar spread to avoid two separate fills. Liquidity usually moves to the next month a few days to a week before first notice; see roll dates.
- Mind the spread. The roll itself creates no gain or loss: the old position is closed at its price and the new one starts at the next month’s price. Because the price level changes, stops and targets have to be moved by the spread.
- Plan for the weekend and holidays. If the deadline falls on a day the market is closed, the broker’s cut-off moves earlier, not later.
- If it goes wrong: Call the broker at once. After a forced liquidation the position is closed and the cost is in your account; there is no “undo”. In the rare case that a delivery notice has been issued to you, ask for the broker’s written procedure the same day.
This guide is general information and does not describe the rules of a specific broker. Futures trading carries a high risk of loss.
Educational content only – not investment advice. Futures trading involves substantial risk of loss.