"Cash-out of futures" means that before the last trading day of the contract, qualified buyers and sellers can apply to the exchange for physical delivery in advance within the specified time, and the settlement price of delivery is the agreed price reached by the buyers and sellers, which shall not be higher or lower than the settlement price of futures contracts in the delivery month of the previous trading day by a certain margin. After the futures are cashed out, the future positions originally held by the buyer and the seller in the corresponding delivery month shall be regarded as hedging liquidation. Specifically, cashing means that members (customers) who hold contracts in the same month and in the opposite direction reach an agreement and apply to the exchange. After the approval of the exchange, the exchange will close the position on its behalf at the closing price reached by the buyer and the seller, and at the same time conduct spot transactions with the same quantity, variety and direction as the subject matter of the futures contract at the agreed price. After the buyers and sellers reach an agreement, with the permission of the Exchange, future positions can be converted into a spot position, and the place and method of delivery can be agreed by themselves. Futures contracts can be cashed out from the date of listing to the last trading day of the contract. The main advantages are: 1. The level and place of delivery can be negotiated by themselves (saving freight, and the delivery delivered by the exchange should be transported to the delivery warehouse designated by the exchange); 2. Save the delivery fee (the exchange delivery fee is higher than the liquidation); 3. Orders between spot dealers can be opened on both sides of the futures market and then cashed, which avoids the risk of default and is conducive to hedging; 4. The varieties delivered by the exchange are of the specified grades and specifications. For spot dealers, the demand should be diversified, and the cash conversion can be customized.