A: Hello, as far as futures contracts are concerned, the delivery date refers to the date when the goods must be delivered. In commodity futures trading, individual investors have no right to hold positions before the final delivery date. If they don't close their positions themselves, they will be forced to close their positions by the exchange. Only the spot enterprises that apply for hedging qualification from the exchange and get approval can hold their positions until the final delivery date and enter the delivery procedure.

First, the 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.

Second, the standard and nonstandard

Standard delivery date

The standard delivery date refers to the last trading day of the delivery month.

London International Financial Futures Exchange is the Wednesday of the second week of March, June, September and 65438+February; Chicago international money market is Wednesday of the third week of last month.

Unscheduled delivery date

Unscheduled delivery date refers to the delivery date or maturity date of forward foreign exchange transactions, usually 1 week, 2 weeks or 1, 2, 3, 6,1February. Other value dates are called irregular delivery dates.