Is it possible to retain futures positions post their expiration?
In futures trading, positions cannot be retained post their expiration in the same contract; they are indeed due for settlement on the contract's expiry. If a trader wishes to maintain exposure to the market, they must perform a rollover (refer to this article).
For instance, if a trader holds a futures contract for ABC Ltd.' shares that is due to expire in March and they want to maintain the position, they cannot simply hold onto the March contract past its expiration. Instead, prior to the expiration of the March contract, they would sell it and simultaneously buy a June futures contract for 'FutureTech'. This way, they have effectively 'rolled over' their position to the June contract. This must be done before the expiry of the current contract to avoid settlement.
The settlement at expiration would be in cash if it's a cash-settled contract, typical for indices and some commodities, or it could involve the physical delivery of the asset if it's a physically settled contract, which is common for certain commodities.