Does the Final Settlement Price Necessarily Equal the Last Traded Price of the Futures Contract?

No, the final settlement price does not necessarily equal the last traded price of the futures contract. The last traded price is the final price at which the contract was exchanged on the futures market.

The final settlement price is a calculated value, often an average of the underlying spot price over a set time, used for the cash transfer. They can be close, but they are determined by different mechanisms.