1. The buyer declares its intention;

2. The standard warehouse receipt shall be delivered by the seller;

3. The exchange allocates standard warehouse receipts;

4. Payment and receipt of the buyer;

5. The seller collects money;

6. The seller shall pay the special VAT invoice.

Delivery refers to a form of liquidation of futures trading obligations in the form of physical delivery after the last trading day stipulated in the standard futures contract. There are two main delivery methods: physical delivery and cash delivery. At present, there is only one way of physical delivery in domestic commodity futures trading.

Physical delivery means that the buyer and the seller of the contract deliver the physical goods at the specified place within the specified time by exchanging warehouse receipts and payment for goods, and carry out liquidation. All kinds of futures commodities in each exchange have designated delivery warehouses to be responsible for delivery and inspection, and issue warehouse receipts to provide storage conditions for buyers and sellers. Because domestic exchanges use computer to match transactions, the procedures of transaction clearing and physical delivery are similar. Generally divided into two steps: matching and delivery.

1, match. After the last trading day of most domestic futures exchanges, all open contracts are automatically delivered to buyers and sellers by computer; There are also some exchanges that stipulate the matching date before the end of the contract transaction. On the matching day, the computer matches the buyers and sellers who propose delivery according to the principle that the first applicant is given priority and the one who holds it for a long time is given priority. If there are not enough buyers or sellers who apply for delivery, the computer system will choose the seller or buyer who has never applied for physical delivery according to the principle of giving priority to those who hold it for a long time until all the physical delivery applicants are matched. The matching delivery party is qualified for bill exchange and physical delivery, and the corresponding positions will automatically exit the trading system. The exchange will disclose the unit name, delivery place and delivery quantity of the specific matching party. If there are multiple delivery places, most exchanges stipulate that the delivery place is designated by the seller. After that, within the specified delivery period, the buyer and the seller will deliver all the payment for physical delivery and standard warehouse receipts to the delivery department designated by the exchange, and the exchange will handle the formalities of fund transfer and warehouse receipt delivery in a unified manner.

2. delivery. Physical delivery usually adopts bill exchange. Both parties to the delivery must go through the ticket exchange formalities at the designated place on the designated delivery date. The seller of futures contracts must submit warehouse receipts, quality inspection documents and invoices, while the buyer of futures contracts must submit checks. The warehouse receipt can be obtained by the seller transporting the goods into the designated delivery warehouse, or it can be directly purchased by the seller at the designated warehouse at the market price.