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. According to the relevant regulations, only when the goods meet the futures delivery conditions and are inspected and registered in the warehouse can they become warehouse receipts and participate in futures trading.

Generally, in futures trading, when the spot price rises, the holder will cancel the warehouse receipt for shipment, and when the spot price falls, the holder will register the warehouse receipt.