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.

China's commodity futures trading all adopts physical delivery. Physical delivery methods include centralized delivery and rolling delivery.

Centralized delivery

Centralized delivery: Taking Zhengzhou Commodity Exchange and Shanghai Futures Exchange as examples;

Zhengzhou Commodity Exchange 1 Cotton Delivery Procedure:

Last trading day (the 10 trading day in the delivery month of the contract):

After the market closes, the exchange will match the positions in the delivery month by computer according to the principle of "rounding off the number and minimum matching number". Once the delivery relationship is confirmed, the buyer and the seller shall not adjust or change it without authorization;

The first trading day after the last trading day (i.e. the notification day):

The buyer and the seller confirm the delivery notice through the member service system. If a member fails to receive the delivery notice or has any objection to the delivery notice, it shall notify the Exchange in writing before the notification date 17; If no objection is raised within the specified time, it shall be deemed as agreement to serve the notice;

The second trading day after the last trading day (delivery day):

Before 9: 00 am, the buyer member will transfer the unpaid amount to the exchange account, and the seller member will submit the standard warehouse receipt to the exchange settlement department. The buyer and the seller shall go to the settlement department of the exchange for specific delivery and settlement procedures within the specified time, and the buyer member shall provide the investor's name and tax registration certificate number to the seller member;

Five delivery days:

First delivery date

1. The buyer declares its intention. Within the first delivery date, the buyer submits a letter of intent for the required goods to the exchange. The contents include variety, brand, quantity and the name of the designated delivery warehouse. 2. The seller shall submit the standard warehouse receipt. The seller shall submit to the exchange a valid standard warehouse receipt that has paid the storage fee within the first delivery day.

Second delivery date

Exchange allocates standard warehouse receipts. On the second delivery day, the 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". For the standard warehouse receipt that cannot be used for the delivery of the next futures contract, the exchange will distribute it to the buyer according to the proportion of the total delivery in the current month.

Third delivery date

1, the buyer pays and takes the bill. The buyer must deliver the payment to the exchange and obtain the standard warehouse receipt before the third delivery date 14:00.

2. The seller collects money. The exchange shall pay the payment to the seller before the third delivery date 16:00.

Fourth and fifth delivery days

The seller pays the special invoice for VAT.

On the delivery date, the exchange collects the full amount from the buyer member: 80% of the full amount is allocated to the seller member on the same day, and the warehouse receipt of the seller member is delivered to the buyer member. When the buyer member confirms receipt of the special VAT invoice transferred by the seller member, the balance shall be settled. The transmission of invoices and the settlement of the balance shall be confirmed by the members' seals and signatures;

Shanghai Futures Exchange Natural Rubber Delivery Procedures:

Physical delivery date: the physical delivery date is from 16 to 20 (postponed on holidays) in the month when the contract expires.

Statement of the Buyer's Intention: The Buyer shall submit the letter of intent for the required goods to the Exchange before the next working day 12: 00 of the last trading day (15 of the contract delivery month). The contents include name, brand, quantity and the name of the designated delivery warehouse;

Delivery of standard warehouse receipt and special VAT invoice by the seller: The seller shall deliver the standard warehouse receipt and special VAT invoice with storage fee paid to the exchange before 18+06: 00. 18 is a legal holiday, which shall be postponed to the first working day after the holiday; If it is 20th, the seller must complete the delivery before 12: 00;

Exchange allocates standard warehouse receipts: Exchange allocates standard warehouse receipts to buyers according to existing resources. For the standard warehouse receipt that cannot be used for the delivery of the next futures contract, the exchange will distribute it to the buyer according to the proportion of the total delivery in the current month;

Payment and receipt by the buyer: the buyer must deliver the payment to the exchange before the final delivery date 14:00, and obtain the standard warehouse receipt after payment;

Seller's collection: the exchange will pay the seller before the final delivery date 16:00.

Rolling delivery

Rolling delivery: taking Zhengzhou Commodity Exchange as an example;

All seller members who hold standard warehouse receipts can go through the mortgage formalities of standard warehouse receipts in the exchange during the trading period from the trading day before the delivery month to the last trading day of the delivery month, and release the corresponding trading margin in the form of positions. Seller members must cancel the standard warehouse receipt mortgage at the exchange before applying for delivery.

The exchange implements the "three-day delivery method":

The first day is matching day. All seller members holding standard warehouse receipts can apply for delivery through seats during the trading period from the first trading day to the last trading day of the delivery month. After applying for delivery without warehouse receipt pledge, release the corresponding trading deposit; Before the market closes on the same day, the seller's members can cancel the application for delivery through their seats, and after canceling the application for delivery, they will receive the corresponding deposit again. In the delivery month, the buyer member has no right to apply for delivery. According to the delivery application of the seller's member, the exchange will find out the buyer's member who holds the forward contract of the delivery month for the seller's member through computer direct matching after the market closes on the same day. Once the delivery relationship is confirmed, the buyer and the seller shall not adjust or change it without authorization.

The next day is the notification day. The buyer and the seller shall sign the delivery notice on the exchange before the market closes on the next trading day of the pairing date.

The third day is the delivery day. The delivery date is the next trading day when the delivery notice is signed by the buyer and the seller. The buyer's member must transfer the unpaid amount to the exchange account before 9: 00 am on the delivery date. The seller's member must submit the certificate of standard warehouse receipt to the exchange before 9: 00 am on the delivery date.