According to the regulations of the Chicago Board of Trade, the delivery date is the third day in the delivery process. The settlement company of the contract buyer must deliver the delivery notice together with the fully confirmed cheque to the settlement company office of the contract seller on the delivery date.

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, the 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, the 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, fourth and fifth delivery days

The seller pays the special invoice for VAT.

Fifth, the final delivery date.

If the last trading day falls on a legal holiday or the delivery date falls on a legal holiday, the delivery date will be postponed accordingly and five delivery days will be guaranteed. These five delivery days are called the first, second, third, fourth and fifth delivery days respectively, and the fifth delivery day is the final delivery day.

Futures, whose English name is futures, is completely different from spot. Spot is actually a tradable commodity. Futures are mainly not commodities, but standardized tradable contracts based on some popular products such as cotton, soybeans and oil and financial assets such as stocks and bonds. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.