Usually what we call futures is actually a futures contract. According to this contract, the counterparty can buy or sell a certain amount of a commodity or financial asset at a specified price in the future.

The performance of futures contracts is a delivery process, and the quality level of delivery varieties has certain standards. Warehouse receipts must be registered in the delivery warehouse designated by the exchange. Therefore, the delivery price is the price at which you sell the futures contract. For example, if you sell a futures contract at 50 cents, you will sell it at 50 cents regardless of whether the spot price is lower or higher than 50 cents. Generally speaking, the futures price and spot price in the delivery month are the same.