Warehouse receipts in futures are physical delivery vouchers. The spot dealer will deliver the goods that meet the delivery standards to the delivery warehouse of the exchange. After the delivery warehouse is qualified, it will issue a standard warehouse receipt to the holder, who can go through the registration formalities with the delivery department of the exchange.

The increase of futures warehouse receipts indicates that the increase of inventory in futures warehouses leads to the increase of commodities to a certain extent, which leads to the decline of futures prices, thus leading investors to sell their futures in the futures market.

If the warehouse receipt of futures is reduced, the current futures price may be that the spot price may be sold directly in the spot market. In this case, the spot demand is generally large, indicating that the price may become stronger in the later period.