According to the basic principle of futures market, the increase of futures warehouse receipts is usually regarded as a bullish factor. The increase of futures warehouse receipts means that the physical supply in the market decreases, and the market demand for this commodity is relatively high. This may lead to an increase in commodity prices, which is beneficial to futures investors who hold the commodity. In addition, the increase of futures warehouse receipts can also reflect the market's bullish sentiment towards the commodity, further pushing up the price. Therefore, the increase of futures warehouse receipts is usually regarded as a bullish factor.