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On commodity options expiry day, any ITM option that isn't squared off devolves into a futures contract requiring full futures margin — most retail traders don't carry that, so brokers block option buying to prevent forced overnight futures positions. To work around this, either hedge one day before expiry or use futures directly to hedge on expiry day.

Bottom line: This restriction protects traders from unexpected futures devolvement — hedge your positions a day before expiry to avoid it entirely.