Physical delivery: refers to the behavior of the buyers and sellers of futures contracts to close the positions of the expired open contracts by transferring the ownership of the subject matter of futures contracts in accordance with the rules and procedures formulated by the exchange. Commodity futures trading generally adopts the way of physical delivery. After entering the delivery period, the seller submits the standard warehouse receipt, and the buyer submits the full amount, and goes through the delivery formalities at the exchange. Physical delivery refers to the behavior of the buyers and sellers of futures contracts to close the positions of the expired open contracts by transferring the ownership of the subject matter of futures contracts in accordance with the rules and procedures formulated by the exchange.