There are two delivery methods for futures, namely cash delivery and physical delivery. Among them, physical delivery refers to the process that when a futures contract expires, according to the relevant rules and procedures of the futures exchange, both parties to the transaction end the unsettled contract by transferring the ownership of the subject matter of the futures contract. It can be subdivided into centralized delivery and rolling delivery.

Physical delivery link:

1 The Exchange conducts delivery matching for the position contracts in the delivery month.

Buyers and sellers of futures contracts exchange standard warehouse receipts and payment through exchanges. The buyer transfers the payment to the seller through its member futures companies and exchanges, and the seller delivers the standard warehouse receipt to the buyer through its member futures companies and exchanges.

3 The delivery seller issues VAT invoices to the corresponding buyers, and the VAT invoices issued by the customers are handed over, collected and verified by the members of both parties.

Attention! Where centralized delivery is adopted, the contracts that are not open on the last trading day of the relevant futures contracts must be delivered. Physical delivery will be required in the name of the member, that is, the physical delivery of the customer must be carried out on the futures exchange in the name of the member.