1. The intention of futures-contract holders to receive delivery of the underlying commodity.   2. A futures-contract holder that is a well-financed speculator.   1. Only about 2% of futures-contract holders ever actually take possession of the underlying. They almost always close out their position (likely by taking an offsetting position) prior to the contract's specified delivery date. A strong hand is a contract holder who is willing and likely will take possession of the underlying. They are the overwhelming minority in futures trading.