1. The due delivery price of commodity futures shall be delivered according to the "settlement price of the last trading day of the corresponding futures contract". Instead of delivery at the spot price.

2. The settlement price of Shanghai and Shenzhen 300 stock index futures delivery is the arithmetic average price of the "Shanghai and Shenzhen 300 spot index" in the last two hours of the delivery date.

How to hedge if it is not delivered at the spot price?

This sentence or two cannot be explained clearly. There is a concept in futures called basis. Basis = spot price-futures price. If the basis of hedging remains unchanged from opening to delivery, then complete hedging can be achieved.