Futures refers to the standardized contract made by the futures exchange, which stipulates to deliver a certain quantity and quality of the subject matter at a specific time and place in the future.

Futures contracts of each variety are divided into different contracts according to the delivery month.

For example, rebar 1705 is a futures contract, which will be delivered in May 20 17. In May 20 17, the futures buyers and sellers delivered the physical rebar.

It is worth noting that retail investors have no physical delivery right and must close their positions before the delivery month.