The futures contract code consists of two parts, the first part is the futures code, and the second part is the delivery date, such as RB2005 and AL2005, where RB stands for rebar futures, AL stands for aluminum futures and 2005 stands for delivery in May 2020.
Futures delivery process:
First delivery date: within the first delivery date, the buyer submits the letter of intent for the required futures to the futures exchange. The seller shall, within the first delivery date, submit to the futures exchange the valid standard warehouse receipt that has paid the storage fee through the standard warehouse receipt management system.
Second delivery date: On the second delivery date, the futures exchange will issue the standard warehouse receipt to the buyer according to the existing resources and the principle of "time first, quantity rounding, nearest matching and overall arrangement".
Third delivery date: the buyer needs to deliver the goods to the futures exchange and obtain the standard warehouse receipt before the third delivery date 14. The futures exchange will pay the goods to the seller before the third delivery date 16. In case of special circumstances, the payment time of delivery goods will be postponed.
Day 4 and Day 5: The seller submits the special VAT invoice.