The concept of delivery There are generally two ways to close the position of commodity futures trading: one is hedging and closing the position; The second is physical delivery. The direct object of futures trading is futures contracts, no matter how many lots or how many futures contracts are bought and sold. Physical delivery is to fulfill the responsibility of futures trading through physical delivery. Therefore, futures delivery refers to the behavior of buyers and sellers of futures trading to make physical delivery of their respective expired open contracts in accordance with the provisions of the exchange when the contracts expire and end their futures trading. The role of delivery Although the proportion of physical delivery in the whole futures contract is very small, it is the physical delivery and this potential that make the changes of futures prices synchronized with the changes of related spot prices, and gradually approach with the approach of contract expiration date. As far as its nature is concerned, physical delivery is a kind of spot trading behavior, but physical delivery in futures trading is the continuation of futures trading, which is at the junction of futures market and spot market and is the bridge and link between futures market and spot market. Therefore, the physical delivery in futures trading is the basis of the existence of the futures market and the fundamental premise for the two major economic functions of the futures market to play. The purpose of general futures trading is not to get physical objects at maturity. The purpose of hedgers is to transfer the price risk of spot market through futures trading, and the purpose of investors is to obtain risk income from the price fluctuation of futures market.