1, features (taking aluminum as an example) (1) fixed delivery period: five days after the last transaction, (2) seller's choice: brand and delivery place, (3) brand registration: 36 domestic companies, part of LME aluminum, (4) delivery place: Shanghai, Guangdong, tin, Zhejiang.
2. First delivery date of delivery process: (before 16: 30) Buyer's declaration intention: delivery place and brand seller's delivery standard warehouse receipt; Second delivery date: delivery pairing; Third delivery date: the delivery time and receipt time of the buyer are before 14: 00; The seller's collection time is the fourth and fifth delivery days after settlement; Seller's delivery fee standard for special VAT invoice:
3. Precautions for due delivery (1), trading unit and minimum delivery unit, trading unit: 5 tons/lot, minimum delivery unit: 5 lots /25 tons (2) timely adjust the number of positions before the last trading day, and (3) limit delivery positions (speculative positions).
4. Before the warehousing declaration, the warehousing declaration/approval form must be filled in for warehousing declaration. Each warehouse has rated storage capacity, so the logistics direction should be arranged reasonably.
5. The time limit for objecting to the quality and quantity of the delivered goods is before the next month of the delivery month 15 (including that day, which will be postponed to the first working day after the holiday in case of legal holidays), and an application shall be submitted to the exchange, and the quality appraisal conclusion issued by the quality inspection agency shall be provided at the same time. Keep the original packaging as much as possible.
6. Circulation procedures of warehouse receipts and invoices: seller's customer-seller's member-exchange-buyer's member-buyer's customer.
2. Spot futures delivery: Decentralized and spot futures delivery means that members (customers) who hold contracts in the same month and in opposite directions reach an agreement and apply to the Exchange. After obtaining the approval of the exchange, the exchange will close the position at the price stipulated by the exchange, and at the same time exchange warehouse receipts with the same quantity, variety and direction as the subject matter of the futures contract at the agreed price.
1: Key points of spot-for-futures delivery: both parties hold the futures contract of the current month, negotiate off-site, close the position on behalf of the Exchange (future positions) and deliver in advance.
2. Function: make up for the shortage of due delivery, deliver in batches in advance, reduce the financial pressure, determine the delivery place and brand in advance, reduce the cost, avoid circuitous transportation and solve the problem of delivery in different places.
3. Non-standard warehouse receipts are converted into cash (1), non-standard warehouse receipts are unregistered brands and non-designated delivery warehouses (2). The difference between non-standard warehouse receipts and standard warehouse receipts is that bill exchange (payment and invoice) does not go through the exchange. The quality and quantity of the delivered goods shall be handled by the members in coordination.
4. Precautions for cash installment delivery: (1) How to find the counterparty of cash installment before establishing future positions. A, in the long-term spot transaction up and down the tourist households; B, through the brokerage company, learn from its customers that (2) the closing price of the price futures contract: (relatively fixed) the contract settlement price of the delivery month on the trading day before the application date, and the spot delivery price (delivery price): the price negotiated by the buyer and the seller. The relationship between them: A. Similarly, buyers and sellers deliver goods at their respective futures trading prices. B, different, the buyer and the seller negotiate the subsidy fee; If the delivery price is higher than the settlement price, the buyer subsidizes the seller, otherwise the seller subsidizes the buyer. (3) How to negotiate and determine the delivery price of installment payment: consider the price difference, commodity quality premium, transportation cost, storage cost, interest and other factors in different regions; (4) Contracts that can be cashed in installments: the contract of the current month is only applicable to historical positions, not to newly opened positions at that time; (5) Term of installment payment: from the first trading day after the last trading day of the delivery month 1 month contract to two trading days before the last trading day of the delivery month.