China’s crude oil futures contracts employ physical delivery. 

Position holders of expired contracts will enter into physical 

delivery by following the standard delivery procedures prescribed 

by the Exchange. Alternatively, a position holder can execute an 

Exchange of Futures for Physicals (EFP) transaction to offset an 

open position before contract expiration. China’s crude oil futures 

employ bonded delivery system, meaning the physical delivery of 

the underlying commodity underlying a futures contract position 

takes place with bonded status within the Customs Special 

Supervision Areas or on Bonded Supervision Premises. Standard 

delivery procedures refer to the process by which the buyer and 

seller complete physical delivery using bonded standard warrants 

in accordance with prescribed delivery procedures upon contract’s 

expiration.

In essence, sellers need to load the commodity into a designated 

delivery storage facility and have a bonded standard warrant 

issued accordingly before the contract expires. Within the five 

business days following contract expiration, sellers and buyers 

exchange the delivery payments and warrants. The Exchange 

matches and allocates available standard warrants in accordance 

with the principles of “time priority, quantity rounding, nearest 

matching, and overall arrangement”.

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